Favicon is important because it is part of your branding. It integrates your logo design into the web browser to enhance you web presence. It is the small details that makes you stand out from your competitions.
For one $5 gig you will receive:
64x64, 32x32 and 16x16 pixel icon in PNG & ICO format
Please also check out the gig extra if you need a complete icon package. It includes IOS icon size, Android OS ready plus over 20+ different sizes so you will have a complete package.
Please also check out my Top-Rated logo design gig if you need logo design as well.