Windows 7 Favorites Toolbar missing

Have you checked that it isn't just turned off in IE's "View" menu?
Open IE.
View > Toolbars > Favorites bar (click to show/click to hide)

I just want to add that with IE, you may need to hit ALT to get the "View" menu to show up.

If the problem is in Chrome.
Hit the little wrench then select "Bookmarks" then check "Show bookmark bar" or hold Control + Shift + B