Yes, the FAQ will be updated for the new book.
The tentative date for when it will be ready is "soon." Probably within a couple of months, give or take.
In the meantime, if you are curious as to what other people have been saying, and don't want to use the monstrosity which is Deja.com, you can check out this collection of WH-related posts.
Due to extreme demands on her time, Pam is not able to give the FAQ the attention and effort it deserves for this update. So she has temporarily passed on her FAQing duties to me, Leigh Butler.
Dude, relax. This is not something you can just whip up of an evening, you know? It takes time to sort through, arrange, and summarize the huge amount of rasfwr-j discussion that Pam has accumulated since the release of Winter's Heart.
There is also the fact that this is something I have to do in my spare time. I have more of that than Pam does, but not that much more.
Besides, I've never done this before. Bear with me. Your patience will be rewarded, promise.
Please do not e-mail your theories to me or to Pam!
It's not that we're not interested in other peoples' input, but that no idea or theory goes into the FAQ unless it has been discussed by multiple people. After all, the "F" in "FAQ" stands for "Frequently." The WOTFAQ is not intended to be a complete collection of all WOT theories. Rather, it strives to synthesize input from many different people on some WOT theories.
An exception is the "Sources" section (section 3). If you think you know of a real-world mythological or literary source for something in TWOT and which is not already mentioned in the FAQ, feel free to mail it to me, and I may mention it in the FAQ. However, if you post it to the newsgroup, you don't need to mail it to me, as well.
To answer the question, you can contribute by participating in the on-line discussion in the Usenet newsgroup rec.arts.sf.written.robert-jordan. It is strongly recommended that you read the r.a.sf.w.rj FAQ before posting, and take its advice to heart. Doing so will help you avoid making social blunders which could lead to people ignoring you or flaming you.
(Okay, technically this has nothing to do with the process of updating the WOTFAQ, but so many people ask it, I'm going to put it in here, anyway.)
It is way too early for anybody to know that, including Robert Jordan himself, I'm sure. The best we can do is to guess, based on the time intervals between previous books. The last few books all came out roughly 2 years apart, so Book 10 will probably come out around 2 years after Book 9. So, late fall 2002. That is just a guess, though.