Does it only show "recents"?
When you double tap the home button, you see the Task Switcher screen. Across the top are a list of circular icons with contact’s photos or initials. The initial display shows seven "recents" across the screen from left to right of the most recent 7 contacts with whom you have interacted (text or phone call). You are actually only able to see about 4 ? icons, but you can scroll to the right to see the remaining “recents”.
However, if you scroll left from that initial screen, you see the “favorites". There are actually 10 icons representing your favorites. The thing that I don’t like is that when you scroll left from the initial screen, and away from the “recents”, the “favorites" are in reverse order - meaning that the right-most in the “favorite" row is actually the TOP/FIRST favorite in your list. Scrolling farther to the left effectively takes you “down” your the list of favorites in the order they appear in the phone app. I would prefer them to be listed LEFT to RIGHT representing TOP to BOTTOM. But I can see how it might be a usability thing - scrolling away from the center point.
The neat thing about these icons is that they are links to the contact. When you tap one, you get an expanded horizontal “menu” (for lack of a better term) with actionable icons for phone calls to each phone number listed in the contact profile (home, work, mobile, etc); an icon representing a text message and another icon representing FaceTime, if that’s appropriate).
Hopefully I described it well enough.