As we need to move on with the ton of submitted proposals, this page wants to start a way of proposal evaluation. We need to develop a sophisticated proposal review process in the end, possibly with many levels of reviewing any given proposal, so please see this page as a first move towards such a system.
As of now, we have a template called Template:Featured proposal that categorizes to Category:Featured proposals. In addition to this, we have a manually editable list in other template called Template:Random featured proposal that together with Template:Participate displays these featured proposals randomly to given pages (Main page and few other basic project pages).
There is no formal criteria for Featured proposal selection right now. So far proposals that were interesting to editors, were among Favorite proposals or have ranked high on Reader rated pages were mainly selected. You are welcome to participate in this process.