First thing is first:
http://thegreatmodel8.net/
THE best place anywhere to get info on these fine rifles! Cam, Jack and many others are more than happy to answer any question you might have about these guns, and have decades of experience to back up what they say.
Second: Buster Charlie (from numerous US gun forums) has a pictorial dissassembly guide for the rifle. They're fairly easy to take down and clean, which is absolutely the first thing I would recommend doing. Cleaning out up to 106 years worth of crud greatly improves the cycling and function of the rifle, and being sure to properly reassemble the various levers and springs on the inside wall of the receiver is critical.
http://www.flickr.com/photos/buster_charlie/sets/72157623271360342/
Like everything Browning (and I mean the original JMB), the gun is incredibly robust and designed to just plain work. The only way to wear out any parts is to improperly assemble and fire the rifle, else it will outlast you and all your great-grandchildren. In good condition, the rifle should have no trouble digesting just about any ammo, though unless you are fortunate enough to have a .300 Savage or a .35, you'll be trawling gunshows for the elusive .25/.30/.32 Remington brass and loaded cartridges. This stuff isn't made anymore, and brass is fairly scarce.
Likes:
Simple
Rugged
Accurate (within it's intended range)
Reliable
Browning
Dislikes:
A tad heavy
Ammo sourcing
I own one in .30 Remington, and I love her to death!
She was made in late 1917, which makes her 95 years old! Still a lotta years left too. She may get rebarrelled though, as there isn't a whole lot left down there.