Favoured plot has comparatively little content (7)
I believe the answer is:
blessed
'favoured' is the definition.
'plot has comparatively little content' is the wordplay.
'plot' becomes 'bed' (bed is a kind of plot).
'has' means one lot of letters goes inside another.
'comparatively little content' becomes 'less' (I am not sure about this - if you are sure you should believe this answer much more).
'bed' placed around 'less' is 'BLESSED'.
(Other definitions for blessed that I've seen before include "Happy; beatified" , "Endowed" , "Bedless (anag.)" , "Sanctified" , "Highly favoured or fortunate" .)