When something is featured, it's given a place of prominence. If you're the featured soloist in the Mongolian throat singing concert, your name and maybe your photo appears in the program, and you'll be singing important solos.
At the grocery store, you're likely to see displays of featured items — new or unusual foods or items with special prices the store manager wants you to notice. Advertising campaigns often make use of a featured character, such as the Energizer bunny or the Geico gecko, and this approach has proven to be an effective way to get consumers' attention.