To expand a bit on what JNC said:
Second Question: Why isn't there a character generator out there to do this for me? I mean, like that one fellow has that I plug in numbers to and out pops a character sheet?
Also because it would require a significant investment of time and effort on the part of someone(s), for a very limited payoff. (There's, what, 60 characters that have been made for L4W so far? In just about a year?) It also requires knowledge of some sort of computer programming, depending on the implementation, and a place to host either a web-based application or the downloadable program. Lastly, it requires that some sort of base standard sheet be defined even more rigorously than is already the case.
Bottom line: for the scope of L4W, an automated character generator is a lot more headache than it's worth. At least right now.
Comment: the Wiki is hard to find and navigate, lots of grammar errors and sentences that go nowhere, and Genasi are mentioned but not listed with other races (ok by me, as Amral is unique). I also don't quite understand the floating isles: are they rocks floating in the ocean, or is the undersea bed morphic stone?
Likewise, is there an Elemental Chaos? Is the cosmology basically the same, or is everything Prime Material with some "super-worldly" aspects (like the Feywild: folded space outside the normal world)?
also: are there named NPCs I should know for my history? Like a school of mages in Daunton? I've glossed over it, in case mine is one I get to make up.
I like what I'm reading, and it seems fun so far.
JNC pretty much nailed the reason the wiki is the way it is. That, and we're all super busy

There was talk a while ago about reorganizing it, but it never happened, unfortunately.
To answer your setting-related questions:
1. Genasi aren't mentioned mostly because they only got approved as a PC race about a month ago. That's like yesterday in PbP-time. There was a discussion about a possible origin for them (that I don't think made it into the wiki), which covaithe used in the background for his new genasi swordmage. Unfortunatley, I'm too lazy at the moment to find links for you ... maybe later.
2. As far as I understand, the general cosmology is the same as the assumptions in the 4e core books. IE, there is a Feywild and Shadowfell which are both reflections of the material plane, and there is an Elemental Chaos and Astral Sea. Our prime material plane is just really messed up
3. The way in which the islands are attached to the sea floor (or not) has purposefully been left vague. A lot of the setting has purposefully been left vague. This allows for some mystery, and allows for players and DMs to be less constrained when creating stories and adventures. Again, it's a little messed up - I'd recommend not thinking too much about it unless it becomes important for some reason
4. I have no idea if there's any sort of organized mage's guild in Daunton or not. There is a district filled with arcane/lore/etc related people, called Cobblestop (or at least Cobble-something). Arga the Black was a famous mage that saved the city a while back, and her on-time apprentice was in the Five. Other than that, I don't know much else. Again, I'm feeling a little lazy at the moment, or else I'd hunt down links for references for you. Maybe later ...
Hope that helps!
Edit: Wow ... a little verbal diarrhea there ...