Hey, Zangooser and welcome to Scratch!
Anyone can give a love-it out to a project once and they are used to see how many people love a project. Check out this wiki article about them.
As stated in the "Problems" tab of the wiki page, they are used as currencies, which is not encouraged, as you shouldn't tell someone you like their project when you're only using it as money.
Offline
Love its are just a way to show that you "love" a project, and are generally considered "less loving" than a favorite.
There is a group who oppose its use as a currency here.
Offline
Exactly what it says. If you click it, you love the project.
Offline
Love-its are a way to tell good projects apart from projects that could be a bit better; the best projects will have more love-its. You can give a love-it by simply clicking on the button underneath the project
Offline