I have been using just favicons in my bookmarks bar for a while now. I find it a lot easier to manage where I am going – plus it cuts down on toolbar clutter (we all hate that). If you want an easy way to get your bookmarking habits moved over you might pick up the Smart Bookmarks Bar extension fore Firefox.
Smart Bookmarks Bar extension comes right here by hiding bookmarks names and only showing icons. Bookmark name will be displayed on mouse over. (this feature can be deactivated if you just want icons without the rollover effect)