Velocity: the number of features per given unit time.
Up to you to determine how you define features, but they should be roughly the same order of magnitude otherwise velocity is less useful. For instance, you may classify your features by stories or use cases. These should be broken down so that they are all roughly the same size. Every iteration, figure out how many stories (use-cases) got implemented (completed). The average number of features/iteration is your velocity. Once you know your velocity based on your feature unit you can use it to help estimate how long it will take to complete new projects based on their features.
[EDIT] Alternatively, you can assign a weight like function points or story points to each story as a measure of complexity, then add up the points for each completed feature and compute velocity in points/iteration.