So wonderful to hear so many people excited about vermicomposting on here.

It really is an easy activity that is not only rewarding to our gardens, but also to the world around us. And who wouldn't want to do something that is virtually free, easy to turn into a money maker, and good for society as a whole.
I saw a few questions/comments earlier in this thread that I wanted to quickly address.
Rubbermaid bin units are great for small scale bins, but if you want to go BIG, look into continuous flow through bin designs. There are a few reasons you may want to go big. The most obvious one would be that you use a LOT of compost, but if you live in a climate with drastic high or low temperatures, this is ideal as well. Dirt is a great insulator. I live in Texas, home of 60+ days of 100 degree plus temperatures every summer and I don't have room to put my worms in the house. If you start a LARGE bin during the good weather months, you should have a large enough biomass to insulate your babies during bad months. Just don't harvest then - keep the bin full. Mine is much like the garbage can design in the comments here, but they go MUCH bigger:
http://vermicomposters.ning.com/gro.../forum/topics/continuous-flow-worm-composters
Second, somebody said something about not composting colored ink. That used to always be true, however today it usually is not the case. The reasoning behind this was that certain colored inks have heavy metals in them. Now I still wouldn't compost an unknown paper source, but my local paper uses soy based inks that are 100% compostable.....Sunday funnies included. Most others have gone this direction as well. So if you want to compost colored inks from a regular source and you are worried - call and ask. You will find that almost all of your heavily trashed items have gone to biodegradable inks. Many municipalities REQUIRE it, I still do not feed glossy paper to them though....the waxy substance is usually petroleum based, but I have a friend that shreds that and adds it into her mushroom bedding (oyster mushrooms are so effective at breaking down petrol products that they are being used in oil spill clean ups world wide). So have no fear as the little guys munch on your paper.