Some important issues have been raised, but I'll put my two cents in regarding the original question.
As a general statement, the feature tolerance does not become insignificant when the datum feature has a larger tolerance. If Datum Feature A has a flatness tolerance of 0.30, the considered feature can still have a parallelism tolerance of 0.02. There is not really any relationship between the two numbers.
As has been pointed out, the datum is a perfect plane that contacts the high points of the datum feature (i.e. the tangent plane, physically represented by a surface plate).
The form of the datum feature becomes significant when trying to establish the datum. If the datum feature is convex, the part will rock on the surface plate (have three-point contact in more than one way). There will be more than one tangent plane, and hence more than one possible datum (these are called "candidate datums" in ASME Y14.5.1). The parallelism tolerance zone is defined to be parallel to the datum, so its relationship to the considered feature changes as the part is rocked.
The form of the datum feature is often controlled in an effort to minimize the possible extent of rocking and datum instability. Alternatively, datum targets are specified. The part would rest on three pins or tooling balls instead of a surface plate. This allows a very stable and repeatable datum to be established from a very imperfect datum feature. So you could have a datum feature that was flat within 0.5" and machine a surface that was parallel to it within 0.0001".
Evan Janeshewski
Axymetrix Quality Engineering Inc.