I was on it the first week it started (Tuesday, the second day), and I think I got about 35 hits from it; but some of those may have clicked away immediately while others may have looked at several of my posts. Can't really tell because my stats aren't that detailed.
I think they just pick good posts randomly for the featured bit at the top, WMMC - I don't know what the criteria is. It's not frequent posting. You get on the front page just by being the most recent blogger to post at the time it's viewd.