The first time anyone hears about the "Features" feature in SharePoint, they either laugh or frown at it. I have yet to see anyone without at least some kind of reaction to it. However, once you get past the name, the concept of Features seems really appealing.
Features provide the “light up” functionality within SharePoint. You no longer need to decide on all the components of a site ahead of time. Each "Feature" can be added on and attached to a site after the site is provisioned. Features can be scoped at the Farm, WebApplication, Site Collection or Site level. Want to know more about Features?? Well, take a look at the following presentation and associated code that I used to present at the SharePoint Connections conference.