Peter,
As a newcomer to OpenACS, I have to say that I feel exactly the opposite way of your assumption. I want MORE documentation! hehe. I found the existing docs to be a good overhead view of the system, and there is a vast amount of older documentation out there (old ACS Journal articles, and Phil G's books), but that documentation doesn't seem to be relevent to the current state of OpenACS. It helped me to get a good bird's eye view of how it all works, but I want more specifics and cookbook / howto type docs.
Joel's recent developer doc on creating packages was very nice.
As an example of good documentation, I really have to say that PHP and MySQL's websites have very nice documentation with user feedback that often includes more valuable content than the original documentation. In general they both have an organized reference manual and each page has loads of user feedback with examples, gotchas, work-arounds, etc. Can something like that be created for OpenACS?
If I knew more about OpenACS then I'd step up to the plate and create that.