Making the front page on Etsy is a pretty big deal, and I'd say most people miss it when it happens. The front page changes maybe every hour or two and disappears forever when its gone. To my knowledge, I've only been on it twice - and missed it both times. But the front pages is what everyone sees when the go to Etsy.com; It's your hour of fame.
Usually the front page is taken from a Treasury or Treasury West that someone creates - usually centered around a theme such as colors, holiday, or material that the craft is made of. It's not necessarily the most viewed (hottest) treasuries, but ones that Etsy administration find personally appealing. There doesn't seem to be a rhyme or reason how they pick them. GrooveyCrafts created a Treasury West called "Feeling..." because she is blue in this cold autumn weather and featured my Cyan Choker!!! It made the front page at some point, according to the comments on the treasury,which expires Monday evening. If you click on it before then you can check it out.
There is a Flickr group that uploads screen shots of Etsy front pages, and someone was kind enough to capture and upload it, so here's the screen shot of the front page below. Congrats to GrooveyCrafts the curator and everyone else that was featured!