From an LFS perspective here are a few thoughts-
1. Great idea in general.
2. Highlight a sponsor store every quarter and say why they are receiving this honor. If you want to use this "feature" thread as a chance to get behind the curtain, even better. Introduce the owner(s)/employees. Expand on the store's philosophies, filtration, display tank(s), sources, and history.
3. Its always frustrating, as a paying sponsor, to see non-sponsors getting free publicity on forums. I can see why hobbyists want access to as much diversity in stores/animals as possible, but on some level RF needs to protect those of us who pay for advertising. Maybe some of the non-sponsors can be enticed to become sponsors with the promise of a "feature" if they've earned one?
4. If you really want to help the LFS become better provide them with feedback privately. I know that there have been times where folks PM negative stuff about stores and/or bash them on forums etc. Why not go right to the store or its owner and make suggestions? Tell them privately what you'd like to see improve and what you appreciate about their store. If you do this in a polite, professional manner any store worth their salt will at least listen and make an effort. The sponsors already have a great outlet, direct to the hobbyists here. Most also get positive reviews posted by customers in their sponsors sections. While more exposure in a "feature" thread, with hobbyists comments is great, getting direct feedback from our customers would be even more useful.