Well, I'd say that as far as main characters go, Faraday is still as much of a mystery as Richard or Jacob. We have no idea what the time traveling visit from Desmond did to his life or how he came to be funded by Widmore, who just so happened to be on the Island with his mother. Since we don't have much to go on, and we are apparently going to get a large dose of knowledge from him, it could be last call for crazy Faraday theories.
With practically nothing to go on, here's my best attempt.
1) After meeting Desmond in the past, Faraday goes and visits Eloise, telling her all about the time traveling man who claimed to have met him on a mysterious Island. Faraday obviously knows that this means that he WILL go to the Island.
2) Eloise then tells him all about her life on the Island and the fact that while she was there (1977), he came to her, claimed to be her son from the future, and gave her very explicit details and instructions about the future. Included was the fact that Widmore's freighter mission failed, meaning that Faraday could safely use Widmore and his money, pass along Eloise's knowledge of the Island's location to Widmore, and even lead the freighter straight to the Island without fear of Widmore 'winning'. Eloise then left the Island, found the Lighthouse, began working with (building?) a group of 'Shadow of the Statue' (SotS) followers, and waited for John Locke or Desmond to come to her for help getting back to the Island.
3) Eloise shares Faraday1977's plan involving using Widmore, the return of those who will get off the Island, the SotS group and whatever it is that Faraday plans on doing in the Orchid (the Incident?).
4) Faraday returns to Oxford and begins his experiments on the young girl and eventually himself. Whatever the outcome, his brain becomes swiss-cheesed and his memory problems and journal writing begin. If even somewhat successful, the experiments have caused some sort of temporal shifting, explaining why Faraday began crying when seeing the discovery of the fake flight 815, and, combined with his memory issues, not having any idea why he was doing so.
5) Eventually Faraday goes to the Island and finds himself in the Dharma Initiative.
6) He may have learned something new or already knowing what 'lies in the Shadow of the Statue' (The Orchid? The Well? Charlotte?), Faraday leaves the Island to plant seeds for the future (Did he start the Shadow of the Statue group?) and returns in 1977. When the Incident occurs, and everyone is in the same time line, the SotS group will be waiting for someone, probably at the Statue or the Orchid. Faraday will arrive, they will ask him 'What lies in the Shadow of the Statue', and he will answer them correctly.
Ok! Rip the hell out of it. Make it better. Post your own crazy Faraday theories. If we do get some good Faraday info soon, there'll be no 'I knew its' after the fact.