  We present an analysis of the color and variability characteristics for point
sources in the Faint Sky Variability Survey (FSVS). The FSVS cataloged ~23
square degrees in BVI filters from ~16--24 mag to investigate variability in
faint sources at moderate to high Galactic latitudes. Point source completeness
is found to be >83% for a selected representative sample (V=17.5--22.0 mag,
B-V=0.0--1.5) containing both photometric B, V detections and 80% of the
time-sampled V data available compared to a basic internal source completeness
of 99%. Multi-epoch (10--30) observations in V spanning minutes to years
modeled by light curve simulations reveal amplitude sensitivities to
0.015--0.075 mag over a representative V=18--22 mag range. Periodicity
determinations appear viable to time-scales of an order 1 day or less using the
most sampled fields (~30 epochs). The fraction of point sources is found to be
generally variable at 5--8% over V=17.5--22.0 mag. For V brighter than 19 mag,
the variable population is dominated by low amplitude (<0.05 mag) and blue
(B-V<0.35) sources, possibly representing a population of gamma Doradus stars.
Overall, the dominant population of variable sources are bluer than B-V=0.65
and have Main Sequence colors, likely reflecting larger populations of RR
Lyrae, SX Phe, gamma Doradus, and W UMa variables.
