It's just like any DWC unit in the beginning high water level with the airstones splashes the young roots they will hit the water in no time after that then you lower the water level. The drip is a nice option but not really needed, also it clogs frequently if you use their nutrients (granular). I would get my own nutes...something liquid would be best. Also you are going to need some more airstones, it comes with one you need two if not three to really be efficient. The roots love the bubbles. And get meters like Toker says you need them. And get some pH up and down, I know it comes with some but IMO it's a PITA more than a help...remember I started hydro on this so I know from experience.
As for your questions stay away from the peat pellets in this kind of hydro IMO, rockwool, like Toker says soak in 5.5 -5.8 pH water. The airstones and the high water levels are what you are depending on to keep the young seed/plant/rockwool moist in the early stages. The bubles pop and splatter the netcup, after you get roots you lower the water level. Also I see what toke is saying but IMO it is a deal but since the nutes are junk and the pH...which is also granulated, is no good.
I bought two units when I started hydro...the stealth and this
http://www.4eversun.com/hydro_flora.htm
the linked one is the one I still use for clones, it's a little better but it does cost more...the mister costs 50.00 USD, I emailed them and asked if they sold it without the mister and they said yes so I payed a little less. That was a while ago so I'm not sure of the deal with the price...but these guys use them in all their products
http://www.hydroponics-hydroponic.com/hydroflora.htm
That being said neither unit can grow their full amount of plants, unless you do a really short veg SOG grow. Have you ever seen a ten gallon tote? Imagine more than 2 plants in it....these units are for the newer grower, and thats not bad persay but all they really are are an airstone and airpump (pet store), a tote (wal mart), and some vinyl 1/4" line (lowes, home depot) and a water pump (pet store)....the vinyl tubing and water pump are optional for the drip. Also IMO Lowe's is more hydro friendly than the depot, at Lowe's they have a whole section of these products
http://www.misterlandscaper.com/
I use their misters in all my aero units and they work fine, cheap and safe to purchase with your CC if you are one of those worry warts.
Once again I agree with Toker if you just want to get on with it buy it, it's not hundreds...but you could use that little money towards a nice 400 watt light, you never know.