For a locally compact group $G$, let $A(G)$ be its Fourier algebra, let ${{M}_{cb}}A(G)$ denote the completely bounded multipliers of $A(G)$, and let ${{A}_{Mcb}}\,(G)$ stand for the closure of $A(G)$ in ${{M}_{cb}}A(G)$. We characterize the norm one idempotents in ${{M}_{cb}}A(G)$: the indicator function of a set $E\,\subset \,G$ is a norm one idempotent in ${{M}_{cb}}A(G)$ if and only if $E$ is a coset of an open subgroup of $G$. As applications, we describe the closed ideals of ${{A}_{Mcb}}\,(G)$ with an approximate identity bounded by 1, and we characterize those $G$ for which ${{A}_{Mcb}}\,(G)$ is 1-amenable in the sense of B. E. Johnson. (We can even slightly relax the norm bounds.)

Let $G$ be a locally compact group, and let ${{A}_{\text{cb}}}(G)$ denote the closure of $A(G)$, the Fourier algebra of $G$, in the space of completely bounded multipliers of $A(G)$. If $G$ is a weakly amenable, discrete group such that ${{C}^{*}}(G)$ is residually finite-dimensional, we show that ${{A}_{\text{cb}}}(G)$ is operator amenable. In particular, ${{A}_{\text{cb}}}({{\mathbb{F}}_{2}})$ is operator amenable even though ${{\mathbb{F}}_{2}}$, the free group in two generators, is not an amenable group. Moreover, we show that if $G$ is a discrete group such that ${{A}_{\text{cb}}}(G)$ is operator amenable, a closed ideal of $A(G)$ is weakly completely complemented in $A(G)$ if and only if it has an approximate identity bounded in the $\text{cb}$-multiplier norm.