http://social.technet.microsoft.com/wiki/
They're under the blue portal rectangles.
First it gets nominated by anyone (including you).
You can nominate articles on this page:
TechNet Wiki Featured Article Nominees
Here are some qualities you should look for when nominating an article:
Add your nominees in the Nominees section:
http://social.technet.microsoft.com/wiki/contents/articles/3568.technet-wiki-featured-article-nominees.aspx#Nominees
Then the Featured Article Team will select two articles each week. When selecting an article, we typically look for a technology that hasn't been represented lately. For example, I featured a SQL Azure article. We haven't featured SQL Azure lately, and there were a few great ones nominated. See TechNet Wiki: Featured Article Teams.
View the list of Past Featured articles here:
http://social.technet.microsoft.com/wiki/contents/articles/3568.technet-wiki-featured-article-nominees.aspx#Past_Featured_Articles
Carsten Siemens edited Revision 6. Comment: Added tag: has See Also
yottun8 edited Revision 1. Comment: Added "Other Languages" and ja-JP version.