It was started by Stan Rak who noticed there was lots of confusion and misinformation when it came to food ingredients! And that most consumers where unaware of "hidden ingredients." I haven't spent too much time on the site but the time I did made me think this could be really helpful to people who aren't like me and enjoy learning about and memorizing ingredients! ;) I did some comparing of what the site said about ingredients to My Ingredient List and it seemed to match up in a lot of ways.
Check it out there is even a app for your phone, in case you are at the store and need help!
Like I said I haven't spent a lot of time over there so please don't think that I agree with everything on the site I probably won't get the time to read it all. But if I have a product I'm wondering about I will for sure be using foodfacts.com to look it up and then of course use my own good judgement do what I feel best about even with this more trusted source! Just thought I'd share maybe it can be another tool to help you sort through all the ingredient confusion out there.