MSN uses its own path, not the regular IE favorites.
MSN favorites are stored in ""C:\Documents and Settings\\Application Data\MSNx\UserData\"
You could manually copy directory using external usb, or "share" the directory and copy from pc to pc over your network.
If only need MSN favorites, low tech method:
1. In MSN explorer, "export" favorites to a favoritesfile.
2. Open a new "mail", insert the favoritesfile as an attachment.
3. Send mail with attachment to yourself, open mail on new pc, open attachment and "import" to MSN explorer.
See more examples at ehow http://www.ehow.com/how_7284987_transfer-msn-premium-favorites.html