Drag & Drop Featured Image Improved is a plugin made to save you time when setting a featured image. What it does is simple, it replaces the default “Set featured image” metabox with a new one containing a Plupload drop area just like the one found in the media uploader. Based on Jonathan Lundström work and improved a little bit.
Since it uses the default WordPress functions it will compress all sizes just as the regular upload method would and it also respects any custom image sizes.