At the moment there's graphite-docs.html but not too much in the way of API docs.
At some point or another, we should merge the two and rely on tools like doxygen or phpdocumentor/docblox to generate it for us. This would be a good move because the documentation can appear inline in a lot of common IDEs; and we can automate generation of docs from source.
Example slick docs by phpdocumentor:
http://demo.phpdoc.org/