The FAQ is a good idea. I was part of another board that had this really great FAQ, the FAQ became the best source of information available on the topic. Better than any book, better than any website free or subscription. It was just hands down the best. And the FAQ really elevated the level of discussion on the site. pretty much everyone who posted had a great base of knowledge.
anyway if I remember correctly the way the FAQ worked was that there were moderators who were in charge of the FAQ-they would select comprehensive posts that really answered the question well. After the FAQ became more established the moderators just monitored the discussion to see if there were other questions that should be on the FAQ or if someone posted a particularly good response then that would be added...
obv. there need not be someone special in charge of the FAQ. if people wanted to start one maybe we could reach a consensus on some questions to start with and people could nominate answers to go into the FAQ?
Note: the resources page is good, but it is not an FAQ. the search is also not an FAQ. there is a good deal of crap that has been posted on this site, and the whole point of an FAQ is to give answers that are generally accepted as accurate by the community. so the search does not serve the purpose of a FAQ...some people have posted really good answers to various common questions and its alot harder to find them by searching a topic. you might get a 100 relevant posts but only one that answers the question particularly well. and it seems to be a bit of a waste to let really helpful responses linger in obscurity. I am usually too lazy to try and search for a good response that someone posted a while ago when the question comes up again. I think most people are like me.