How fast is an Instructable featured?
16 hours later, it isn't labeled as "featured" yet, nor has it appeared on the main page.
Am I too impatient?

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There are now three levels of feature - channel, category and front-page.
Your project is featured at the first two levels, so it will be highlighted when people look at the Reuse channel of the the technology category.
Look here.
I assumed that being featured, you always featured on the main page (front page?) as well. So that has changed?
The feature team are still getting the feel of the new levels of featuring, but it mainly means that projects which aren't quite suitable for front-page status still get highlighted.
I mean if you find some feature worthy it doesn't matter what it is, the whole point of featuring something is that you want the whole community to see so why divide what will be showed on the front page?
I mean if I see something that doesn't interest me on the front page I just don't click on it... But it some other person who does find the subject interesting might click on it and find it usefull.
So why the divide the catagories?
Michel
The same goes for knitting, cooking, woodwork, or any one of the specialist channels.
some other person who does find the subject interesting
That is why Eric came up with the feature levels. That "other person" is more likely to be browsing through the channel (or category) of interest directly, and will now see a larger number of Featured items within that channel to spark their interest.
The top-level (front page) Feature has always been meant to be used sparingly, for something that is of such high quality that it deserves recognition and advertising to the whole community. A lot of otherwise worthy projects were never featured (for example, K'nex of any kind is considered too specialized to be top-level Featured).
I guess I'll have to change my way of browsing then.
I have a general interest in almost all projects (although not knex but I can ignore that)
So I almost never use catagories but always check the frontpage.
What about the featured list (you know when you browse ibles by recent and then change it to featured) will all the featured ibles be shown or only the front page ones?
If you use Browse at the top level, then featured only shows the top-level featured I'bles. Just as recent shows everything across all categories.
When you go into a Category, you have three options ("tabs"), Featured, Recent or Popular. Those list everything featured at that category's level (by the way, a top-level Feature is automatically featured at the levels below).
Within a Category, you can select an individual Channel, with the same three viewing options.
It'll be getting used to but it will work out I suppose :)
I see 3 instructables that are featured.
Normally according to the mail it should appear in the featured list within 20 minutes but usually it appears within an hour or two.
So if it doesn't appear on the list within an hour of 8 I should contact FungusAmungus.
I see 5!