One of the items in the Joel Test is that a project/company should have a specification.
I'm wondering what makes a spec good. Some companies will write volumes of useless specification that no one ever reads, others will not write anything down because "no one will read any of it anyway". So, what do you put into your spec? What is the good balance between the two extremes? Is there something particularly important that really, really (!) should always be recorded in a specification?
The best spec is one that: