Renew mean renew, upgrade/change. For example if you use free listing A, you can press renew and choose paid listing B, or another free listing B, or the same free listing A again. There is an option that renew also update post date. Meaning that once renew, listing posting date will be update, and listing jump to top as new listing

I read your post 2 times and still don't understand the first part meaning, sorry for my bad english. As for standard and featured difference. Featured always stay on top no matter how old it is, and has special color.