It's a great feature, and I wholeheartedly support it.
I hope it lets people share things that would normally go unnoticed, highlight personal weekly favourites, or recommend cool content from the past… hopefully, we won't be seeing the same users plugging the same submission every week. Although that can be resolved by having more supporters who feature stuff, so win-win.
I do think the list is a bit long if you wish to interact with the stuff at the bottom of the homepage. I wouldn't mind if it was in a box like this, which you can expand if you want to go through the featured items:
…but then again, that will make the featured submissions less prominent. Perhaps I only think that because the listed items are unusually big and there's a lot of empty space, so I can't see many of them at once.
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My attempt to feature something didn't go great, because after adding an item just a few minutes ago, it reported a "problem with my request" via an alert window, then it no longer considered me a supporter…
…and then I could no longer access that page for a while. :D
Now the page looks okay, and I did find the item I featured in the list – but it still prompts me to become a supporter instead of saying something like “You already featured something this week”.
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I understand people don't get a notification if somebody reacts to the featured items. But do the authors of the featured submission get notified they made it to the list?