Любить is used for deep feelings towards persons you love AND for long-term "like" when applied to activities, things in general and groups of people/animals. When it comes to your general tastes and behaviour, using любить is more idiomatic than using нравиться.
Нравиться (which is an impersonal verb that behaves like the English "to seem") is used to describe what you quite like, be it right now or in general. This feeling is understood as being weaker than "love". The verb and its prefixed perfective «понравиться» can be used to talk about your opinion of a particular object or experience. You cannot use любить for that.
- an example would be saying "The cake was nice but I didn't like the coffee". Here, "like" does not describe your general attitude towards coffee; so the only way to express your disappointment is "Мне не понравился кофе".
When applied to an object that can be "used" many times (a restaurant, a bag, a cup, a theatre) both can be used, in principle, provided that you want to say you like your experiences with them in general.
- the actual use might depend on the object, though in negatives любить would be very common for things you do not like to use and places you prefer not to visit.
"Favourite", by the way, is «любимый». I think it is no coincidence.