<p>I recently downloaded ndepend and ran an analysis on an open source project I participate in.</p>

<p>I did not now where to look next - a bit of visual and information overload and it turned out I don't even know where to start.</p>

<p>Can anyone suggest starting points?</p>

<ul>
<li>What information should I look for first?</li>
<li>What points out problems in the code (in a BIG way)?</li>
<li>What would the low hanging fruit that can immediately seen?</li>
</ul>

Scott Hanselman / Stuart Celarier / Patrick Cauldwell's
poster
with ndepend metrics has some useful information on it. Rather than trying to break down all the heuristics being used I'd focus on only a few at a time starting with "zone of pain / zone of uselessness" and cyclomatic complexity.
There is also a
podcast
which covers some of the basics of the tool.
Between that and running nDepend on a few different projects you may be able to start gathering useful data that you can make into insights.