I guess the intention is not to 'search' but to say that you love the terms you entered in the textbox. So, IMO the heart button looks very suitable for that.
Yeah I guess so. I seems to designed to give results for abstract things like "blue jeans" rather than a specific query like "nokia e65".
Indeed. Perhaps the better title would be "what do you care about?", "what are you passionate about?" or "what are you interested in?" Asking what people love doesn't really explain what the site is for.