Have you ever noticed that it says "Davy Jones" on the tab that shows how many points you've got, and also once you've clicked onto the tab, at the top of the page beside "get more Favor Points". But it says "Davey Jones" off to the left-hand side just above the column of items to click (Limited Items, Item Crates, Sale Items, etc...)?
Ive always just called them Favour Points. That probably comes from playing LCN first. If I had to choose a preferred spelling, it would be Davy Jones though, like the bloke from the Monkees.