Profile module and vocabulary

Hi,

I am creating a website. I want to publish articles about products. I created a vocabulary and linked it to a node, product. If user wants to create an article for a product, he should select the product node type and select the product from the vocabulary that I created. This part works fine.

Now I want to give user an ability to add products to his favorites, which I think should be saved in his profile. I can use profile module to create custom fields for a user. User should have something like "Choose favorite products from the following list". I want to populate the vocabulary that I created for a node. User can then select single/multiple products that he is interested in and this information will be saved along with the profile.

I can show the list of products that the user is interested in. Maybe I can use a block to display it. When user clicks on a particular product, I will show all nodes related to this product.

Do I have to write this from scratch? Is there a module that I can leverage on? Am I going in the right direction by creating a vocabulary and terms for a node and then use profile module to save the list of terms selected by the user in his profile?

Thanks
BinnyG