Waypoint (or FAQ?)Follow

You mean as in, make a little mark by a certain spot so you can find your way back later? Or tag your enemy target to help group members find it? Nope.

What waypoints are for:
-Tracking. All tracking uses waypoint-like trails.
-Finding places in cities. If you hit Alt+W, a list will come up that will show you the places you can WP to.
-Finding group members. Same thing, hit Alt+W for a group member list.
-Certain quests. Some quests have their own waypoints. For example, there's a quest in the mender's hut in Antonica where a guy asks you to pick some flowers for his love. Once you accept the quest, a waypoint trail will show up to direct you to the flowers. These quests will also be in your Alt+W window.

That's all that I know of, though someone else may know more.

If you know the location coordinates of where you want to go you can do:

/waypoint number,number,number

and it will create one for you. Example:

/waypoint 60,11,-900

Combine this with the map overlays from eq2interface.com and it is super handy!