So I just discovered a proposal I liked, and decided to follow it. But what does that actually do? Is there some place I can see all of the proposals I've followed? Will I be notified if the proposal comes to pass? Or is it just like voting on something, it's only to indicate to the community that I'm interested?
Following a proposal will consider you as one follower of that proposal. Proposal needs at-least 55 followers in definition phase.
After following a proposal in definition phase, the most important thing is to ask example questions and vote on existing questions. Other activities you can do (according to privileges you have) are commenting and casting close-reopen votes on example questions. In this way, you can help design the community.
You'll be notified if a proposal you followed goes to the next (commitment) stage.
For more information, visit FAQ.