Other than worn bearings and dryed 3n1 oil, I rarely find anything amiss in an AW hub. At least, until I came across this while rebuilding a friends hub.
http://www.flickr.com/photos/21499296@N08/3430238106/
Other than a cable, the only breakdown I've ever had on one my own hubs was a split clutch slider on my first fixed AW after 600 miles. Replaced it and have almost 4000 trouble-free miles since then.
I use Mobil 1 0-40W to lube my AW, AM, FW and S5 hubs. A bit spendy, but required for Mrs. Bikampers car, so I keep an extra quart around.
Don't be shy about tearing into an AW, they aren't daunting and you won't learn anything if you don't make a few mistakes along the way.