Well, I might as well post a link to the actual fyad.txt that was posted to me on SASS. Also note that if you backup a directory to the root site you'll find an entire slew of personal files, many of which are probably meme-related. One entitled "CHILDPORN.JPEG" is actually just a picture of a bear. As well as DSC and CIMG photos that a clearly from a digital camera, more folders with more crap in them including a shit ton of flash animations in the /swf folder. I have no clue if this has anything to do with the actual FYAD subforum beyond the hosting of the "fyad.txt", but perhaps you can figure out something else.
Furthermore, the actual fyad.txt file is a huge mystery, but most of it seems to be responses that the subforum has gotten from its shunned users. You see, generally upon barging into fyad and posting w/o lurking, you will be met with "gtfo's" and "gb2(subforum abbreviation)'s" from every one of the inner circle. Note that there are quite a few lurkers who get free passes by only posting one or two things, but do not contribute to the overall look of FYAD. As you can surmise, many users that gravitate to this subforum don't understand why everyone hates them even though they seem to be posting in the vein of FYAD (which leads me to question whether or not it is "TEH RANDOME" forum or it is simply a huge collection of in-jokes endlessly being reiterated), this usually culminates in them getting very indignant both on the forum and sometimes through other mediums (see 'tuber DemoniousX's vids which are largely reuploaded because he likely closed his account due to massive depression brought on by flaming. Also note the tone of this vid in contrast to eraserhead's response to him leaving the subforum. Like any of them gave a shit. They eat this crap up). So it seems fyad.txt is a collection of such responses from posters attempting to get accepted by the subforum. If you scroll through it about 3/4th of the way, you'll notice an equivalency listing for real-life names to each inner circle poster. Unfortunately, this is likely out of date because the users frequently all change their names to further confuse casual readers.
Now, I was met with the same attitude and what they really enjoy doing is posting real-life pictures and/or information. Unfortunately, there wasn't much material out there except for some poetry I had posted on a website somewhere. Naturally, that was posted. However, this is quite tame in comparison to what some posters will experience upon walking into this forum, anywhere from reposting public myspace pictures, to mining out some deeply buried personal site. Really anything that will get a rise out of their unsuspecting victims. There used to be a FYAD Goldmine in this subforum but I cannot find it, it archived all of the best hazing threads but it is either hidden from public view or not in existence anymore because the place sucks now.
Some really notorious posters were users like squishyfish or cornbeef, who would actually post some really funny stuff. Threads that would make you laugh without having to know some meme or in-joke, but sadly cornbeef doesn't post and squishfish had been hazed like a noob after changing his name because nobody knew it was him. Thus, it seems FYAD has itself built in its own end where the good and bad posters alike will get laughed out of the forum just depending on the hive-mind that is Something Awful (I think you were calling it the bandwagon effect).
But, really, the heart of FYAD is shit like this:
Or posts like this or ridiculous image macros or youtube posts like this. At its best the posters are each trying to outdo eachothers' non-sequitur and at its worst it just turns into some huge circle-jerk feedback loop that probably even the inner circle doesn't understand half of the time.
But it never loses its "look".