Key points:
To get the best performance (e.g. smooth, quick, and quiet changes) and long life from a Derailleur transmission it must be kept:
CLEAN, WELL LUBRICATED, AND CORRECTLY ADJUSTED.
Since the system is mechanically vulnerable, the degree of maintenance required varies considerably with the weather and road conditions which you ride in, and how carefully you protect the components from physical damage.
Suggest re-lubing every 500-1000Kms
Cleaning every 1000-2000Kms (e.g.at least twice in the cycling season).
Suggest twice in the cycling, season, a minimum of once per year.
Adjusting the Rear Derailleur for correct operation:
There are 3 possible adjustments
"Over travel" allowing the chain to jump off the cassette's high or low cogs.
Or "undertravel" so that you can't select the highest or lowest cogs
Normally these adjustments don't change so if it's necessary to re set them it may be due to damage to the derailleur, e.g a bent cage
CABLE TENSION: This 'barrel screw' adjustment controls the position of the cage for any gear selected
It's the most often needed adjustment to ensure smooth changing and noise-free operation. Usually necessary due to general wear and tear and/or cable stretch, but can also be required due to damage to the derailleur, e.g. a bent cage.
Adjusting the Front Derailleur for correct operation:
There are 2 possible adjustments
LIMIT STOPS: these small screws control the amount of movement of the derailleur cage
If the stops are incorrectly adjusted the cage may:"Over travel" allowing the chain to jump off the high or low chainring.
Or "undertravel" so that you can't select the highest or lowest chainrings
Normally these adjustments don't change so if it's necessary to readjust it may be due to damage to the changer, e.g a bent cage, or movement of the changer assembly on the frame downtube
USEFUL Links if you need more information:
An excellent article by Sheldon Brown:
http://www.sheldonbrown.com/derailer-adjustment.html
Others:
http://www.cobr.co.uk/e-cobr_information/workshop/introduction.shtml
http://www.parktool.com/repair/readhowto.asp?id=641