Simple Fading Content Rotator

main.js

var // slides are direct descendants of $featured
    $featured = $('.holder'),
    featuredExists = !!$featured,
    featuredTimer = null,
    // animation options
    featuredOpts = {
	delay: 1000, // initial delay before first slide fades in
        interval: 4000, // time between slide animation
	fade: 500 // fade duration fadeing out and in
    };

// if the holder is present
if(featuredExists) {

    // intiate slider by fading in first and starting setInterval
    $featured.children(':eq(0)').delay(1000).fadeIn(500, function() {
        featuredTimer = setInterval(featuredSlider, featuredOpts.interval);
    });

    // where the magic happens
    var featuredSlider = function() {
        var $current = $featured.children(':visible'),
            $next;

        // last one so $next is first one otherwise $next is index + 1
        if($current.index() === $featured.children().length - 1) {
	    $next = $featured.children(':first-child');
        } else {
	    $next = $featured.children(':eq('+($current.index() + 1)+')');
        }

        // do the animation
        $current.fadeOut(featuredOpts.fade);
        $next.fadeIn(featuredOpts.fade);
    };
}