I have to admit, I haven't read it yet. The way I see it, the site is pretty much self explanatory. Or, at least, I'm assuming that enough thought has gone into making the UI as intuitive as possible. But, it seems like I might be missing something important in the FAQ. But, if I have to read some law book in order to participate, I'm not sure this is going to work for a bunch of us.
Here's another perspective. If you did away with the FAQ and put the entire contents of the FAQ on the question/answer page as creatively neat and tidy as possible, would the page look ridiculously cluttered and scare people away? If so, then the rules are too complicated for all but those who like investing a lot in their online egos.
The trend for UIs is moving away from requiring the users to RTFM before use. People want UIs that are intuitive. I think the same goes for web interfaces.
Is it a mistake to put so much reliance on users reading the FAQ?