From my experience with the Help site until now, I strongly believe that META site in necessary.
We need a place to:
- Report issues and bugs, and follow up on them
- Propose changes on the site mechanics and moderation rules.
- Provide clarification for moderation rules and guide how specific situation should be handled.
This would naturally provide a more detailed (and useful) FAQ.
Also, Meta "questions" dynamics are quite different from Q&A.
Take this "Answer" for example: it's not really an answer; it's more like expanding a proposal. Should it be a Meta4 "question" instead? Not sure it that would have been better...
+1 for having a meta site