How do I resolve this conflict between two Feature modules?
Create a third Feature defining the components(*) used by the other two independent Features.

In the other two Features, remove the components which are now claimed by the third Feature, and instead, list the third Feature as a dependency.



(*) In Features for Drupal 7, however, this functionality isn't yet committed — see http://drupal.org/node/1064472, and help review the proposed code there. — This patch has been committed to Features 7.x-2.x.