Set-Up

Truss-Rod adjustment on a Gretsch White Falcon

Most guitar manufacturers ship their guitars with only a generic set-up; the action is often higher than need be, and the requirements of the individual player's style are not catered to. A Set-Up is a relatively inexpensive operation which may greatly improve the playability and enjoyability of your guitar, and would include (as neccessary):

Setting the Action (height of the strings) for clarity of tone and ease of playing in upper register
Setting the Intonation (scale length) for accuracy of pitch
Adjusting the Nut for ease of playing in lower fret-positions
Truss-Rod adjustment to optimise curvature of the neck
Setting the Pickup & Polepiece Heights for maximum output/minimal magnetic interference (wolf-tones)
Tremolo Adjustment (where applicable) for smooth operation and tuning stability
Light Fret-Dressing (fret-polishing) to eliminate irregulaities in playing surface (dead-spots)
...And pretty much anything else which might hamper playability!