PH is more like a collaboratively edited magazine where the founders have selected a large group of friends to act as a top level filtration system for "products".
Mostly what they're selecting for is "is this of interest to our audience" - of which said audience is currently mostly free tech / designery / social type things (even as they start to add more categories).
While it's nice to be featured, it's quite unlikely to bring you a large amount of traffic and/or signups. A submission to a decent sized sub-reddit will likely drive 2x the traffic that ProductHunt will, a submission to BetaList more signups and a front page HN post 10x.
If there's a reason to get featured it's to try and get some feedback from the community (if they're your audience) as they tend to be quite helpful.
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