I can see the reasoning but then it becomes bias based on the panels choice of what is lively or thought provoking.
That's certainly a danger. Though I can tell you that already there have been a number of featured convos that expressed ideas some or all of us don't necessarily agree with, but which we chose to feature because they were interesting and thoughtful nonetheless.
The main reason we added the concept of human-curated featured posts is that we needed a way to present high quality content to people who visit Cake without logging in.
Often these people are seeing Cake for the first time, and since they're not logged in we can't show them a personalized "For You" feed. We could show them the "All" feed, but since it contains everything it's much more likely to have low quality content (and sometimes spammy or abusive content can briefly slip through before we're able to moderate it).
So the "Featured" feed is a way to present the best of Cake to first-time visitors and help them understand what Cake is about.