I've been wondering, what's actually the function of that star-shaped box beneath the down-vote box for questions. So my question is,

  1. When selected, does it mean that's your favorite question or to show that you seriously love that question?

  2. If selected, how much reputation is given to both the person that asked the question and the person clicks the box.


Think of it more as a book mark feature. It allows you to more easily keep track of questions you want to revisit. This can be for any reason and when you visit your profile there is a section in there for favorite questions that shows when they have been updated last.

As for your second question there is no reputation involved for this feature though there is a badge if your question gets enough people to favorite it.

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