I didn't read anything about a limit to how many pages you can pin. If I remember correctly, to delete, tap with two fingers on the main screen and you'll see the items you can delete become smaller squares with X's.
i don't think there is a limit to how many pages you can add to the favorites bar, or the apps page for that matter. But yes, tap the screen with 2 fingers, and then you can delete them by pressing the little x in the top-right corner of each icon.
on a related note, anyone know why some of the thumbnails for bookmarks change to generic star image instead of the tiny thumbnail screenshot? it's getting pretty annoying...
I haven't had a star appear, they're all still the default screenshots you mentioned. I'm not sure what is going on, perhaps it is after a while if you don't visit a site, it deletes the image and doesn't have one to fill it in, so it just replaces it with a default star, but that is pure speculation.
Minmaster, I believe you can do this by tapping with two fingers on the display to put it into edit mode, then drag pages to where you want them.