Hi Ann,
Not an actual FAQ, but there's quite a bit of info in the "Backstage" section (top right corner of every page):
http://youlookfab.com/backstage/
And in the blog archives under "Administrivia:
http://youlookfab.com/category/administrivia/
Here's the initial post that explains the "bubbles":
http://youlookfab.com/2010/04/.....ead-posts/
Greg did an update very recently and talks about that here:
http://youlookfab.com/welookfa.....d-tracking
If you're curious about member roles:
http://youlookfab.com/2010/04/.....nd-levels/
I hope it doesn't feel too overwhelming. Don't worry, it's all very user-friendly and not complicated at all, just play around with it a little, and don't hesitate to ask if anything is unclear.
Oh, and here's a thread with an overview of some commonly used acronyms:
http://youlookfab.com/welookfa.....or-dummies
Hope this helps:-)