What is the point of the Community Vote?

I'm not sure, but I'm guessing the latter. Just like it shows what the most wished for games are

This is what is said about the Community Votes from cg, as posted in the "We're Alive" discussion talking about all the new features.

"Community Voted

On the homepage you'll occasionally see a poll with the heading, Community Voted. We'll be importing a variety of game keys into the database, and the site will select three at random each day, and generate a poll. After the poll ends 24 hours later, the site will automatically create a 24 hour giveaway for the game with the highest votes. You'll be able to spot these giveaways in the list, because they have a thumbs up icon next to them."

So it seems like they put keys into the system, then the system randomly selects 3 to be voted on. Once the vote ends, the game picked will be made into a 24 hour giveaway.

That's a real giveaway

Answer

I haven't seen any of the previous 3-4 day community vote winners being given away in what could have been a 24h giveaway. Doubt I missed them all. So... not sure what's (not) going on...