@Pari: VBO would be an excellent way to accomplish this type of functionality if we are managing the site for the client, but I don't typically like giving clients permission to something as powerful (read dangerous) as VBO. The iToggle module looks pretty nice though. I may have to give it a test run the next time I need this functionality.

@Jon: Thanks! That's a great idea too.

@Philippe Jadin: Sure. There is nothing that says that the "featured" field has to be boolean. Although, I personally wouldn't add all the baggage that comes with a taxonomy, when you could just make a list(text) field with checkboxes in the content type and accomplish what you are describing.

I tend to run away from taxonomies as fast as I can except for very specific cases like "free tagging" with tag clouds. There are way too many things that taxonomy does that have to be undone when the same can be accomplished more simply with a node reference field or a simple default list of values in most cases. (sounds like material for another post)