I just finished getting a quick'n'dirty intro to Features.  I found these on YouTube.com.  I have found a great many free video tutorials on YouTube. They are as follows:

• How to Create Features
• How To Update Features
• StrongArm
• Organizing Drupal Site Configuration with Features - Webinar

How to Create Features is a 5 minute simply "this is how to create a feature that is made up of a content type and a view".

How To Update Features  tell how to make a change in your feature and then apply it elsewhere.

StrongArm is a module that allows you to export and apply site-wide settings.

Organizing Drupal Site Configuration with Features - Webinar is a higher level tutorial.  It runs under an hour and gives a much more in-dept class on Features (and I'd recommend it after you have had some exposure to Features). One thing that is goes into that I immediatey appreciated was the difference between Revert and Recreate around 29:15.

Features is a means of converting and distributing Drupal configuration information that is normally kept in the database to code so it can be transfered or applied to other sites.