We'll never settle anything that way. I tend to prefer a hyperlink the text of which is the URL in question. In an HTML document, that is. Usenet FAQs, on the whole, are aimed at an audience of people who read usenet. I'm sure most of them also use the web, but pretty much all of them read usenet, so they're familiar with a text-only medium.
Most computer users know about the web.
Only a small percentage know about or ever read usenet. Having said that, I HTMLified my FAQ a while back and have maintained it in HTML since. I use an automatic converter to produce the text-only version for posting. The HTML version is posted on the web, of course. Naturally, I think this policy makes sense.