Some of the things that inspectors check for are:

Wood Rot-or Wood Decay
Foundations-Cracking or Water Seepage
Siding-Dents or Buckling
Insulation-Check Condition and Rating
Doors & Windows-Check Weatherstripping, Locks & The Fitting
Roof-Check For Aging, Cracking, Nail Pops, Flashing, Pools of Water & Loose Gutters
Walls & Ceilings-Check For Cracking or Sheetrock That Is Pulling Away
Porch/Deck-Loose Railings, Nail Pops
Electrical-Condition of The Fuse Box/Circuit Breakers,Check Polarity On Each Outlet 
Plumbing-Check For Leaks, Water Pressure, Banging Pipes & Rust Spots
Water Heater-Check For Aging, If Size Is Adequate For House, Energy Rating & Speed of Recovery
A/c-Furnace-Check For Aging, Energy Rating, Leaks, Dirty Coils & Temperature Distribution
Garage-Cracks & Stains On The Floor & Condition of The Door Mechanism
Attic-Check For Adequate Ventilation, Adequate Insulation & Leaks
Septic Tank(if applicable)-Adequate Absorption Field Capacity For The Percolation Rate
Driveways & Sidewalks-Check For Cracks, Heaving Pavement, Crumbling Near Edges & Stains
Trussing-Check If Any Are Broken or Split
Appliances-Check All The Appliances That Are Include In The Transaction
Flooring-Check For Broken Tiles, Torn Vinyl or Missing Grout
Bathroom Fixtures-Check To See If All Toilets & Sinks Are Properly Fastened
Irrigation System-Check For Broken or Spewing Heads
Pool/Spa(if applicable)-Check For Leaks, Proper Filtration
Smoke Detectors-Check Batteries & See If They Are Hardwired
Rain Gutters/Downspouts-Check To See If Secured Properly
Mold (Optional)-Check For Mold Spores

      So even if your a knowledgeable contractor who does this for a living, you should still get an outside opinion from somebody else who is neutral to the transaction and objective.  They typically cost from $200-$350 depending upon the company that you hire.  Remember, you get what you pay for.  So if someone is only charging you $100, then your probably only getting $100 worth of inspection.

     Allow an ample amount of time for the inspection since there are many things the need to be checked.  And most importantly don't wait to request one.  Do it IMMEDIATELY after the execution of the contract. Don't wait.  This way if something does go wrong and your contract is contingent on a satisfactory inspection, you can cancel the contract and receive your escrow deposit back. 

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