The Link Favicons plugin allows users to view favicons for linked websites without requiring custom CSS. It works seamlessly with various plugins, including Admonition and RSS Reader. The plugin offers a range of icon providers, including Google, DuckDuckGo, and Favicon Grabber, each with its own set of features and limitations. Users can also overwrite icons for specific domains or URI schemes using the Icon Shortcodes plugin. Additionally, users can disable favicons on specific links by adding `|nofavicon` to the link alias. For designers, styling options are available through CSS snippets, while developers can integrate the plugin with their own code using the renderMarkdown method.