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You can select how comments are displayed, how many to display, and how much of a comment to display (if comments are longer than the specified word length they contain a link back to the original comment). In the future you will have the ability to limit how far in the past to look for featured comments.
Screenshots
This is a sample options page displayed in Wordpress 2.8
This is the metabox on the edit comment page where a comment can be marked as featured or not (defaults to not featured).