/me casts revify on an old issue. A literal copy and paste, since the community here is more vibrant and mention of featured articles has resurfaced.
Reviving the issue of featured articles and good articles not having a concrete policy, I am here with an newly created featured article checklist. This is a list of proposed standards that an article must meet before becoming a featured article on the wiki. The article should be reviewed, ideally, by at least three frequent editors of the wiki, with at least one being an administrator. The nominator should not be involved with the evaluation, except to fix up errors pointed out by the reviewers.
This policy will help us maintain a firm grip on which articles are flagged as "featured" and "good". While I realize that this checklist does not include requirements for good-article-hood, but good articles, typically, are less "good" than featured articles, so I propose this: since the checklist contains 12 requirements, feature articles must meet each one, while good articles only need to meet 9 or 10 of those, which certain entries such as templates and spelling being necessary, with others being options. For example, it is current practice to allow a list of "sources" to exist on a lore article, without in-line citation, and have that article be highlighted as a "good article". Featured articles require in-text citations, conversely.
We are open to any and all suggestions. I would even like to establish a guild of editors, who are fully responsible for electing, nominating, and evaluating good and featured articles. Please leave a comment below or a message on my talk page, if you are interested in participating in such an endeavor.