Anybody here into the geocaching thing?

One of my older nephews, a fine young fellow, has started expressing interest in hiking, backpacking, survival, and ... geocaching.

Seems to me a number of these things could be combined (on purpose that is). Positive time with family, and an excuse to tramp around the woods practicing useful skills. Seems like a winning situation to me.

Tips? Ideas? Preferred equipment? Pitfalls? Good links?

Just for kicks, I might just do it "old school" with map and compass. I need to scrape the rust off my navigation skills anyway. Maybe a competition, new tech vs. old geezer?

I'm a newbie, lay it on me.