Id say Point Buy as standard for 4e. As for preliminary information, that depends on your choice of module. General information on the Forgotten Realms(also known as Faerun) is it is a world of high magics and sharp contrasts, to the point of that there have been times in the living world campaigns when the gods have been affected, and have heavily affected the world. The world also has several realms, including thoes such as the underdark to which the drow dwell.
As part of this, each person my add one "Home Region" to thier character, which they gain the ability of their home region, and possibly if a game is a set at a later time, gain other advantages when within it.
As for more module based:
Corm1-1 "The Black Knight of Arabel" is set within the forested human Kingdoms of Cormyr, to which Arabel is a northern trade town. The city has been dealing with a dark rider leading a legion of shadow, to which you will be tasked to investigation.
Bald1-1 "Flames of Initiation" is set within the great city-state of Balder's Gate, a city of high trade, although has been also known as a starting place for thoes that seek adventure, like yourselves.
Tyma1-1 "Elder Wisdom" is set within the scorched Dragonsborn run lands of Tymanther. The land is full of old ruins, and you have been tasked by a local governer to go investigate one of them.
As to which module you wish to take...that is up to you :P
I also must quickly apologize. When I first entered the LFR gaming curcuit, there was a preview PDF to LFR...which has seemed to have dissapeared from the site, and I seem to have lost my copy. Agian I apologize. However, all the information is in the Players Guidebook, and if you would like I can list out the region abilities if need be.
