Things you need:
Lv80 in wow
be.imba
Sense
Money
wowhead
Rawr (friz or DP will educate you in this below, I'm too dumb to use it)
For a start stick your character into be.imba, You'll see a lovely page telling you how much you suck at everything.
Most importantly you'll see the issues list.
Low Level Items are just that, usually greens and blues, You'll have them for a while yet, but do try to replace them as you can. It's probably not worth enchanting these, so ignore themIssues:
low level items, misenchanted items, unenchanted items, empty sockets, missing crafted socket
Misenchanted items are stuff you've put the wrong enchant on, be.imba will tell you what these are a bit further down the page, and suggest more suitable ones.
Empty sockets are gem slots you've forgotten to fill, no biggy, easily fixed for 30g.
Missing crafted sockets Refers to the Eternal belt buckle unless you're a blacksmith.
Below the Issues section, you'll see all the stuff above in more detail.
Itemization:
Take note of the low level items, It's probably not worth enchanting these, and probably is worth looking for a replacement on rawr or Wowhead.
With Wowhead you're best off applying some filters, namely Level 180-300 is good, also a class felcher, and use ctrl + click to select blue and purple items only, then press apply felcher, you should end up with something like this which shows suitable bracers, and where they drop from, however it doesn't think for you, so you'll have to do that to work out what's a good upgrade and if it's easily attainable, or use rawr to think for you.
Next up is the Enchants section, very important.
For a start, ignore enchants on green stuff, it's a waste of money.
For blue stuff, I'd suggest near enough enchants that are cheap, say,, if you had a blue chest, I'd buy Exceptional Stats rather than Powerful Stats, You save 250G, and still get 60% of the bonus you would from the better item.
Purple items are worth spending the money on, unless you know there's an upgrade in sight, then continue to be cheap.
As far as getting enchants, talk to davius (deslumbre), he'll sort you out for less than the scrolls would cost off the AH most of the time.
Sockets and gems:
This only tells you where you've forgotten to put stuff, not if you've fucked up, so it's not as useful as the other sections, but still handy, talk to me or friz for gems, and hassle roman for materials.
Combat:
This is a very, very useful bit, it tells you how your hit (ranged, melee and spell) and defence is and if you need to change it, anything over the hit cap is wasted, so it's worth prioritising other stats once you've reached your cap, read up on your class, and google the stat priority for your class, should give you a good idea where to go.
Talents:
Ignore this, there's nothing there
Summary:
The most useful thing here is the lovely green/yellow/orange bar that tells you where you're likely to find gear upgrades, and how suited your gear is to content.
So, that's about it, good luck.