Could the fact that Faith and Snow were decapitated, (if they are actually dead,) be just because fables aren't easy to kill? I haven't read the comics yet so maybe im wrong, but I would think decapitation would be one of the easier ways to kill a fable. Perhaps HOW they died isn't as important as we may think it is? (Horseman theory) But judging by the 2nd episode title, "Smoke and mirrors," maybe they are still alive and someone just WANTS us to think they were decapitated...?
I don't even know what to think any more, there's so many good theories right now.