@Queequeg - yes, I think you're right.
I haven't learnt Icelandic properly, but I've kinda looked into it.
Here's the Icelandic word for 'not':
ekki (pronounced 'ehki')
And here's the Faroese version:
ikki (pronounced 'itch-uh')
So, yeah, they look very similar, but with radically different pronunciation.
Faroese has been isolated for centuries, and thus has had the time and conditions to develop its own pronunciation.
Perhaps Faroese has more in common with some Western Norwegian dialects, at least in terms of pronunciation. Some of these dialects have also preserved the three genders, as opposed to Bokmaal, Danish and Swedish which have in essence two genders - common gender and neuter gender (en man; ett hus).
Another thing I forgot to talk about was that Faroese doesn't appear to have the speech melody, the single tone and double tone, of Norwegian and Swedish. Or if it does it's so toned down I didn't pick up on it.