Vermicompost for Beginners

Someone from the climate initiative team gave me their old vermicompost setup after I feigned interest at it while building rapport.

However, I'm starting to think this practice may be worthwhile.  I enjoy eating organic, hate paying Whole Foods (paycheck) prices, and have found that even my first run at growing jalapenos was a great success.  I plan to add in a few tomoato and lettuce plants to my humble garden this year to continue eating clean and fresh.  I could go on, but I digress.

Anyone have experience with vermicopost?  The woman who gave this to me gave me a list of pitfalls to avoid as it's a delicate balancing act to get it right.