In KDE4, the file which stores all the preferences is:
~/.kde4/share/config/kickoffrc
On OpenSuSE 10.3/11 which uses the KDE4 Start menu, the file is at:
~/.kde/share/config/kickerrc
In this file, you can edit the "Favorites" section to reposition the items, or add/remove them. I ran into a problem where I couldn't add an item to the "Favorites" menu, because it already existed. Editing this file allowed me to re-add the items.
Today is: 10 March, 2010