We now have a 'Featured Event' display portlet in the Events category, but not currently on the home page.
Featured profiles in each category are mostly random, but only draw from their own top-level category (Businesses, Organizations, Groups etc.). There's a featured profile in each category.
The home page is a little different. There we need to strike a balance determined by the site focus, which is regional business and tourism promotion including events, plus social interaction.
The 'Upcoming Events' display portlet currently used on the home page displays not just top-level events, but also calendar entries from individual profiles. The 'Featured Events' portlet only draws from top-level events.
I think at some point we can have both on the home page, but that might wait until we see what grows.