As the blowout over hereover here suggested, people are still considering the FAQ to be the definitional document of a site. As in: the document that defines once and for all what's topical and what's not.
As we learned during the FAQ rewrite process last year, the StackExchange staff consider the FAQ to be the welcome pamphlet we pass to newcomers, and soundly vetoedsoundly vetoed the rather more specific versionrather more specific version we came up with. As we found out during the rewrite process, it's impossible to contain all of the nuance we need to include in such a document.
According to the SE staff, the Right Way is to populate the meta-tag faq and trust people to review that (or use it as a reference to point people at). This is not obvious to any but the most dedicated SE denizens.
Do we need a legaleese version (posted to Meta, but widely linked) to go with the layman's-terms version we have right now? Or should we do something else? Or just leave it alone!