How do I transfer all settings and favorites to another Audition installation?

Step 1 - make a backup copy of everything on the first machine that you want to copy. Step 2 - delete those files on the second machine (which we are assuming is in its vanilla state) and replace them with copies of the same files from the first machine. If you don't actually delete the original files from the second machine, it will almost certainly read those in preference - you need just the new ones you want on it - no originals. If it doesn't work then, you've done something wrong.