I see most things have been covered pretty well, except for cloth room settings, I've posted this info many times, but this fast moving forum loses good threads quickly.

Bend Resistance : this is the amount of force required to change the rotation of a single polygon along one of its edges. Entering 0 gives no resistance, meaning any single polygon can rotate along any of its edges freely. Generally a bad idea setting this to 0, flowing cloth goes haywire! (imagine scrunching up fabric in your hand. that silk shirt will scrunch up easily, leather would be nearly impossible to scrunch up)
Suggested Settings : 
3-15 : Good for thin loose fabrics, such as silk and cotton.
30-100 : Thick fabrics, such as wool
150-300 : Very thick fabrics, Leather is a good example, although leather should really have a higher setting, much higher than this and things start to move like there under water.

Stretch Resistance : The amount one or more vertice can move away from another vertice of the same polygon. (imagine holding opposite ends of a piece of fabric, and pulling away. a cotton shirt would stretch a little, silk would not)
*Suggested Settings :*10-25 : Lightly woven fabrics, such as cotton
50-100 : Average fabrics, wool, silk, cotton, etc
200+ : Hard fabrics, leather etc.

Shear Resistance : The amount one or more vertice can move on a single axis away from another vertice of the same polygon. (imaging grabbing a piece of fabric in both hands, with your hands touching. then moving one hand up, and the other down. this movement is shearing)
Suggested Settings :
<50 : Extremely lightly woven fabrics, such as cotton or loose wool.
50-100 : most fabrics, cotton, silk, wool.
200+ : Hard/Thick fabrics, such as leather.

Cloth Density : The amount of weight applied to an individual polygon. (pick up a TINY piece of fabric, the wieght of that tiny peice is like this setting)
Suggested Settings :
0.0001 : Light, thin fabrics, silk, loose-weave cotton
0.001 : Average fabrics, cotton, wool (medium weave)
0.005 : Thick fabrics, cotton (double weave) wool
0.01 : Very thick or very heavy fabrics, such as leather

Other settings, such as friction etc I generally dont touch. unless Im looking for a certain type of movement from the cloth. so I wont touch those. the default settings are generally enough.

Some Things to Remember.

Cloth Density directly effects how each of the other settings work. increasing the density may require you to change the shear or strength resistance. I highly suggest setting cloth density first (guage your setting by the speed that the fabric falls. After getting a decent density, then start working on the other settings.

EXTREMELY IMPORTANT :
All cloth room settings are directly effected by the complexity of the model.
This is mainly due to Cloth Density being a per-polygon setting. if you double the amount of polygons, you are effectivly doubling the wieght.  the settings I have put here work well with most feely available cloths. such as SVDL dynamic cloth. SVDL did an excellent job of getting enough complexity to look good, without being so complex that calculations take an unreasonable amount of time.  This can become a problem with turning conforming to dynamic. some conforming clothes are just too complicated for the cloth room to handle.

A few Dynamic Tips :

If you have poses that you want to use where the arm is folded, or the knees are bent, and your fabric is getting caught in the joint. use a low-res sphere from Props->primitives.
switch to the first frame.
parent it to the joint in question, position it so that it sits roughly at the centre of the joint. set the scale to 0.

head to your frame that has the final pose in it. use transform and scale (on individual axis) to "fill" up the joint so there is no space for the fabric to fit in.

Open up the Keyframe editor, select all the keyframes for the low-res sphere, and switch it to linear movement (click the orange color thing in the top right) the keyframes will go from green to orange. (this means the dial changes you make are kept exactly as you set them)

Now, move between the first and final frame watching your joint and adjust the scale and tranform accordingly.

what you want is the sphere to increase in size and shape (and position if needed) to always fill the joint so that the fabric cannot get caught there.

Another tip :
use low-res spheres for head, hand and feet collision. this will stop fabrics getting caught between the fingers/toes and greatly speed up calculation time. as the low-res shere has about 5% of the polygons that V4's hand does!

I have worked EXTENSIVELY with both dynamic rooms (see my gallery, theres ALOT of dynamics in there) so feel free to ask any questions about any aspect. I will try my best to help.

TemplarGFX
3D Hobbyist since 1996
I use poser native units

167 Car Materials for Poser