Preferred way to use favicons?

Question

I was trying to add a favicon to a website earlier and looked for a better way to implement this than to dump a favicon.ico file in the root of the website.

Answer 1

Well, the file is in the root so it does not show whether the tag works or if the browser just got the icon from the usual location (the root).

Edit: I'll try it and see if it works.

Edit 2: Using both tags make it work even for any file name as long as the file is an icon for IE7: I tried using .png files and it only worked with Firefox.