Featured Posts -- Wordpress.com Style

Sorry if this has been covered. I tried searching but didn't find anything.

I was wondering if anyone has seen a plugin that allows you to do what Wordpress.com does with its "Freshly Pressed" layout. Pulling posts from blogs as featured posts.

I have seen this plugin: http://wordpress.org/extend/plugins/featured-post-mu/

But I am not sure if this will accomplish this. Has WPMUDev provided a plugin like this before?

Basically I need to be able to select blogs in a MU environment, and whenever a new post is made in one of those blogs the post becomes featured on the homepage with a thumbnail, title of post and blog name.

Any help is greatly appreciated. And again, sorry if this has been covered already.