I love this idea, but with so many shitcoins already on the market and so many shitcoins being created all the time, there have to be other criterium.

I think a huge obstacle is going to be getting an exchange on board. Cryptsy and CoinedUp keep adding new shitcoins. BTC-e hasn't added any new coins in some time. While a huge obstacle to tackle, any foundation is going to have to either a) promote an exchange that uses ONLY FairCoin approved coins; or b) create an exchange that ONLY adds approved coins.

Additionally, peer-review is going to be required. Transparency is essential for this to work. What are you going to do to guarantee this?