Once you've added some models to your favourite list, you will have also added them to the notification list, so you are emailed when each model is online.
You can edit that list, if you want to only be notified of some of the models being online.
First go to your account and click the notification link:
You will then see all your models with the notification tabs:
In this image, there are all green tabs showing, which show the notification is on.
You can click anywhere on the green tab to remove the notification. Of course, it can be turned on again if required by clicking any part of the black tab.
That's it, you now know how to change notification settings for your favorite models.