  Choosing the appropriate figure of merit (FoM) for dark energy (DE)
constraints is key in comparing different DE experiments. Here we show that for
a set of DE parameters {f_i}, it is most intuitive to define FoM =
1/\sqrt{Cov(f1,f2,f3,...)}, where Cov(f1,f2,f3,...) is the covariance matrix of
{f_i}. The {f_i} should be minimally correlated. We demonstrate two useful
choices of {f_i} using 182 SNe Ia (compiled by Riess et al. 2007), [R(z_*),
l_a(z_*), \Omega_b h^2] from the five year Wilkinson Microwave Anisotropy Probe
(WMAP) observations, and SDSS measurement of the baryon acoustic oscillation
(BAO) scale, assuming the HST prior of H_0=72+/-8 km/s Mpc^{-1} and without
assuming spatial flatness. We find that the correlation of (w_0,w_{0.5})
[w_0=w_X(z=0), w_{0.5}=w_X(z=0.5), w_X(a) = 3w_{0.5}-2w_0+3(w_0-w_{0.5})a] is
significantly smaller than that of (w_0,w_a) [w_X(a)=w_0+(1-a)w_a]. In order to
obtain model-independent constraints on DE, we parametrize the DE density
function X(z)=\rho_X(z)/\rho_X(0) as a free function with X_{0.5}, X_{1.0}, and
X_{1.5} [values of X(z) at z=0.5, 1.0, and 1.5] as free parameters estimated
from data. If one assumes a linear DE equation of state, current data are
consistent with a cosmological constant at 68% C.L. If one assumes X(z) to be a
free function parametrized by (X_{0.5}, X_{1.0}, X_{1.5}), current data deviate
from a cosmological constant at z=1 at 68% C.L., but are consistent with a
cosmological constant at 95% C.L.. Future DE experiments will allow us to
dramatically increase the FoM of constraints on (w_0,w_{0.5}) and of (X_{0.5},
X_{1.0}, X_{1.5}). This will significantly shrink the DE parameter space to
enable the discovery of DE evolution, or the conclusive evidence for a
cosmological constant.
