Just because the favicon isn't the sexiest thing to think about (should you think about them at all) is no reason to ignore them. They're the little company or brand icon shown in a URL address bar that represents your business... and tablets and mobile devices inherit the image when a user creates a device shortcut. Many search engines will also show the icon in search results.
Our solution to the ongoing favicon dilemma is simple (the dilemma being that the SEO object is usually ignored). You create a single icon, upload it to Yabber, Yabber creates a full suite of icons, and you send the icons to your nominated website. If automation is enabled for the module, and if and when a new icon makes its way into standard practice, we'll update your website in real-time with a new icon set. Simple.
A number of options apply, and a full archive is maintained of all created icons and all records sent to your website.
Just because the icon is small is no reason not to give it some love.