Faith, Hope & Trick 
Break Down
As stated in the long version, several things are quite important in this episode. Establishing that Faith only says what she wants to say. She keeps her real motives and feelings to herself. For example, the reason she's in Sunnydale is because she needs Buffy's help. Lying (unlike Giles, I think telling fibs is something Faith does quite well) about her Watcher was a clever way to enlist Buffy to her cause. She's thought it out too! She knows about the Watcher's Retreat (something Buffy didn't know) she's also researched Buffy's past (". . .Is it true you once used a rocket launcher?") so she knows that Buffy will be of great help to her.
I'm amused both Kendra and Faith knew of Buffy, but Buffy wasn't told of Kendra or Faith until she met them, by the way.
Faith wouldn't have told such a mega lie if she didn't think it'd be checked out. Her bravado also falls by the wayside once Buffy's mentioned 'Kakistos' to her. That scene is important and should've been remembered throughout the season because when Buffy confronts Faith about Kakistos, we see the real Faith. She's a frightened, if not terrified, young teen who needs love and attention. It's a peek into Faith's psyche. Her clothing also gives a lot away about her in this scene, more on that in Costumes.
Also, we can also see that Faith is an intriguing mix of naivete and street smart. Eliza has said herself "She's a complicated little chick." Faith's tough and confident persona is quite clearly a mask. Buffy commends Faith's ability to 'face her fear'. Something she should have said to her face! But really (another pet peeve of mine - the impotence of the adults on the show) Giles and Joyce should've noticed it right away. Certainly, if Giles had, I doubt Faith would have been so terribly hurt by Gwendolyn Post and being driven further and further away the more bad breaks she had.
Another vital point in this episode is the beginning of the jealousy (mostly unspoken, but certainly seen) between the two Slayers. Again, an unspoken desire of Faith's is that she wants a mother-like figure, as she states to Buffy regarding Joyce: "She's pretty cool - huh?" This isn't really treated in any other episode, but by the time we get to Enemies we know it's something that Faith has been dwelling on. Her own mother was an alcoholic and if you take what Faith says literally while beating the vampire ( "My dead mother hits harder than that!" ) we can also assume that Faith was abused too. So, she has a real desire to have a loving parental figure.
Friends, too are another desire. Speaking to Willow and Xander: "If I had friends like you guys, I probably still would've dropped out of school, but I would've been sad about it." Whereas Buffy envies Faith's 'zest' and carefree attitude. Note Buffy's reaction to Faith in general before she learns of Faith's problems. Also addressed in this episode is both Slayers futures. Joyce wonders aloud to Buffy that perhaps Faith can take over Slayer duty while Buffy swans of to college (Buffy will mention it a few times too). That's all fine and good for Buffy, but what's Faith supposed to do? Why doesn't anyone else wonder about her future? Why does no-one care that she's living in a flea-pit of a motel at age 16 and that she's obviously poor? Why is it assumed that being a Slayer is all Faith can be? This (in my eyes) goes a long way to Faith's state of mind and is integral the further into the season we go. As, we all know who does finally pay attention to her!