Download Tinker Tool (From Download.com or Versiontracker)
Access the Safari Pane
Turn on Debug Menu
open Safari
Click Debug -> Reimport IE Favorites
Done.
Reverse the process to remove the Debug menu, however I have found it helpful, especially to pay credit card bills, where websites read Safari as Mozilla/Netscape 5.0 (Netscape 6), I just change the Default Handler to MSIE 6.0 and keep on trucking.
TEG