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The Features module is not deprecated by the configuration management system introduced in Drupal 8, but it is significantly enabled by it. As the project description has long said:
A feature is a collection of Drupal entities which taken together satisfy a certain use-case.
This issue is dedicated to exploring what should be done to reach this goal on 8.x. Many people have been noodling on this, but I don't see a central conversation, and it's time one started so the maintainers can more easily get as much raw input as possible before an 8.x upgrade becomes necessary.