In all honesty the text version doesn't bother me and I quite like it but if I had to go with icons, it would be Icons 1. The love icon is too Facebooky for me and I would much prefer a star icon to mean favourite/favoured as bane suggested as it makes more sense.
The Admin Zone has a really good set up that I have always referred to as pictured below;
The icons 'light up' when you hover over them as pictured in the first icon. In order of what they are from left to right; Like, Disagree, Agree, Meh, Something Fishy!, Also Wondering!, Funny, Paranoid, Winner, Pure Genius!, Informative!, Appreciation and Popcorn.
Some people may find it excessive but it works very well within their community (who are using a heavily modified XenForo forum for anyone that cares). After looking into it further it may be a feature that comes with XenForo out of the box... I cannot confirm this though.