Features are a new concept in this version of Windows SharePoint Services. They provide activatable chunks of functionality that developers and administrators can make available at one of four scopes.
Farm level These Features are activated for all sites in the entire Windows SharePoint Services farm and are managed by central administrators.
Web Application level These Features are activated for all sites where the Web address is the same. For instance, all sites that start with http://wideworldimporters would be managed under the same Web Application. These Features are also managed by central administrators.
Site Collection level These Features are activated only for sites within a given site collection. Management of these ...