First, you should look up "Fault Analyzer" in the Domino 7 Administrator Help for documentation on how to configure this.
I was not aware that there was a specific Fault Reports database until I saw Susan Bulloch's blog about it. After reading that, I configured that database along with all of my Desktop Settings documents. I am housing this database on my 7.0 Cluster server. Before starting the Fault Analyzer task (via a configuration document), the database was pretty useful for storing all of those pesky NSD files.
But this morning I configured the Fault Analysis task. It automatically started shortly after enabling it in the configuration document. The task name is FAULTANALY (which, by the way, does NOT appear anywhere in the Admin Help file...). From one of the comments at Susan's site, you should check out the "Fault Analyzed" , "By Callstack", and "By Occurrences" views. As you can see from the images below, the Fault Analysis does a good job at keeping the data organized.
Fault Reports by Call Stack
Below, note the "Similar fault for.... 43%". In the image there is not one visible, but it also includes "Exact fault for...".
Fault Reports by Occurrence
Below, note the portion of the call stack at the top followed by an Administrative Section. In here, you can add an SPR or PMR numbers to keep track of calls to Lotus Support about these faults. Also, the twistie will show the unique number of clients affected and each of those will have a detail number of how many times each client has had the crash.
Detailed Fault Report