Based on the reaction from a community discussion, voting for Featured Articles has been changed, effective immediately. Here's what has changed, as well as what has stayed the same:
Nominated articles do not need to be approved by an administrator before they can be voted on. An article can be voted for as soon as the nomination is added to the page.
Articles are no longer actively reviewed. Rather, two administrators may review an article up to be featured and postpone its Featured Article status a month, in order to fix the article. However, if administrators do not do this, the article will be featured anyways.
Featured Articles are still based on quality. Administrators will still have some say in which articles ultimately are and are not featured. While it will not be nearly as much control as before, two administrators can still stop 'unworthy' articles from being featured. However, articles that are rejected can be re-nominated immediately.
There is still an exception included, allowing administrators to override a vote in order to feature a relevant article, such as an article about an expansion pack that has just released/will release soon. This follows years of past wiki tradition.