Here is a link to the previous Minor League FAQ Thread: http://www.redszone.com/forums/showthread.php?t=59233
As JaxRed has noted, there is some stuff in there which needs updating. Use this thread to make any revisions. When a final version is ready, it'll be posted and stuck to the top of the forum in place of this thread.
I'd also encourage some of the regular MLT contributors to add anything else they feel would be helpful to people in following Reds (and other teams') prospects.