My WIP has 6 rotating POV characters, so character outlining for me is essential. I usually start big (macro). Okay, what's the general character arc? What does my character want? What stands in the way? Etc. I find that the "Save the Cat" film one-sheet template works well for my characters on an individual level. I tweak it a bit, but it's been helpful. Others have probably found their own methods (loose or formal).
I start "bigger" because once you have those 1-2 sentences about who your character is, what they want, and what stands in the way, that will be something you can reference again when you finish and start query-letter writing.
I then flesh out from there. Get into more detail. Someone on this board suggested interviewing your character. I tried that and really liked it. I've also written mini auto-biographies for characters as well.
At the most detailed level (before writing), I outline every chapter for my POV character and write a few sentences about what happens in each chapter.
I also get nerdy and utilize excel spreadsheets. I need those to keep time and place in order and it also helps me map where each POV character "peaks" and such.
My suggestion is to try a few different methods and see what works for you. Chances are, you'll find something that hits the spot or a hybrid of two methods. Good luck!
Also, I agree about favorite color, movie type stuff unless it's relevant to the story. I tend to want to know my character's quirks, fears, deepest wishes and so forth.