OK. I've had a look at everything. While I hear what everyone is saying about too much bureaucracy, I really think there should be three governing documents for a board:
You should have a Mission. This is the broad-brush, Vision-Thing stuff about what the board is about. Everything else exists to support the mission, and if things get bogged down in lawyering, you can pull back and ask "are we fulfilling our mission?" This should be fairly short and very general.
There must also be Rules. This is the day-to-day "Thou shalt not spam" stuff. Think of it as the "owner's manual" for the board. It should be fairly simple, and walk the fine line between giving the management enough power to keep things running smoothly (see the mission statement for a definition of what "running smoothly" is), but also protect posters from moderator abuses. And on that note...
A Constitution. This is more like the "shop manual"--the thing that tells you how it all ticks. It is also a covenant between the people running the board and the members. And if you think that isn't necessary, I say just look at the way TBBS and WF ultimately turned out. Yes, if the board is owned by one person, they can still say "Tough shit. If you don't like it, leave." But at least with a constitution, there's no question that they are out of line.
And shit, who says a board has to be owned by one person? I've had posters here offer to chip in toward setting up WF:TNG. While challenging, some form of partnership is a viable option, IMO.
OK. That's it for now. It's late, I've got tomorrow off, and the surf is actually pretty good. While it would've been really, really cool to stand up a new board on Independence Day, I've got Real Life things to deal with.