Don't worry, I will Rift sometime today.
As I said before, Farley can "read" the thoughts and emotions of a person. However, this is limited to whatever the person is thinking and feeling at the moment Farley "reads" them. Fortunately, he can only do one person at a time, which is a good thing because, at the stage where he's not really in complete control (and will accidentally "read" a couple people in the process), the information overload could and would eventually overwhelm his sanity. (Think Buffy in "Earshot".)
Typically, telepathy is the ability to communicate mentally with another person. However, Farley is limited to people he "knows", though the definition can range from good friends to people he's been introduced to (i.e. told their names and met directly face-to-face). Any attempts to communicate with someone he's only seen or had their names mentioned will fail.
Most of the time, this ability will be a novelty (unless it somehow becomes plot-relevant). Usually, unless he has an important dream, it will wind up being a vision of something happening in some other dimension. Not exactly impressive, but he can't really control when or what kind of these dreams he will have. (Like I said, if it becomes plot-relevant...)
While Farley doesn't possess intelligence on the levels of most of his previous employers, he is intelligent enough to work with what his employer is making without damaging it. However, the intelligence "spikes" temporarily boost his intelligence, allowing him a better understanding of how things work and how they could go together. Unfortunately, this is the equivalent of stretching otherwise unused muscles, leading to "ice cream headaches". However, they may become less painful when Farley gains more control.