warning tl;dr ahead!
1) I may be am definitely biased, but I like the rules at the game I'm currently modding. I personally think the perfect set of rules really depends on how you're running your game. At my game, we're really laid back about things--activity requirements are incredibly easy, we approve almost everything players want to do--it's just the way we run things. I've played in games before with even less rules than we have; I've also played in games with more rules, and I'm usually not turned off or onto a game by the kind of rules they have. The most important thing about which rules you choose is that you set out the rules you think you'll need in the beginning and then stick to them. If you decide later that a rule needs to be amended, post it in a public place, like the OOC community, so all players know about it. Don't expect them to check the rules page after they've joined, except when it comes time for an activity check and they're looking for the requirements.
2) That brings me to my next point. People know that most games are going to have something in the rules about acceptable behaviour, and usually just skim over this section. At my game we've condensed this into "don't be a dick"; some people like to spell this out more, which is probably more friendly to people new to RP. Both appers and existing players are looking at your rules pretty much just for activity requirements, character limits, posting lengths--numbers stuff that they have to stick to. I'd advise bolding this information, so they can catch it while skimming.
I use the FAQ as sort of a catch-all. It's the last thing we did at my game. After writing everything else, when things pop up that you've forgotten and don't fit anywhere else, that's where to put them. Don't expect players to check that either, unless they have a question. New players will usually read it during the app process, though.
3) To me, the tone of the rules/FAQ page is probably more important than the actual information. I've been RPing for a while, and so I know most of the rules that go along with it, so I'm looking for two things--the above-mentioned quantitative requirements for keeping up with the RP, and the personality the mods present. More than any other page, this is sort of a first impression of the mods' personalities OOC. I have been completely turned off of otherwise awesome-looking games by mods who seemed unfriendly or flat-out rude in answering FAQ questions. As said above, I don't like length requirements, but that's a personal thing because my writing style tends to be extremely concise and I have trouble stretching my posts to meet them.
...maaaan that was longer than intended. xD Hope it helps!