Here the configuration I use for ASA failover 8.4+ based on my experience:
On the primary:
interface GigabitEthernet0/4 no shutdown failover failover lan unit primary failover lan interface FAILINK GigabitEthernet0/4 failover interface ip FAILINK 169.254.255.249 255.255.255.252 standby 169.254.255.250 failover key 222Th3Hak3Y222 failover link FAILINK GigabitEthernet0/4 prompt hostname state priority
On the secondary:
interface GigabitEthernet0/4 no shutdown failover lan unit secondary failover lan interface FAILINK GigabitEthernet0/4 failover interface ip FAILINK 169.254.255.249 255.255.255.252 standby 169.254.255.250 failover key 222Th3Hak3Y222 failover link FAILINK GigabitEthernet0/4 failover
To validate:
show failover
Notes:
About the stateful link / failover link, you can:
The IP 169.254.x.x are link local addresses not meant to be routed. Perfect for HA link.
The prompt is mandatory as it allow you to quickly validate the state of the cluster.