Matt--
Regarding the privacy issues, FERPA et al allow for sharing of information on a 'need to know'. The information shared with faculty should be focused on things that will help that student succeed.
My guess is that even though you don't receive any information, you generally gather it (again) by interacting with the students and/or faculty sharing that among themselves as you have indicated. The point of this suggestion is that the 'learning curve' is significantly decreased for the rest of the institution to be able to help students sooner if that information is shared somehow.
I agree, you don't have time to read lengthy bios, etc. Do you have some type of activity int he first week of classes that allow you to get a feel for the students?
Susan