I am very anal about how I maintain my guitars. I am somewhat similar to Mike P's procedure, but I use some different products that I have found make the process easier, and with better results.
Oil for the fretboard - http://www.beafifer.com/boredoctor.htm
Fret doctor, absorbs much better than anything I have used in the past, and it will not go rancid, and start smelling like vegetable oil can.
Fret polishing - http://www.stewmac.com/shop/Tools/Sanding_Tools_and_Supplies/Micro-Mesh_Soft_Touch_Finishing_Pads.html?actn=100101&xst=3&xsr=1790
Micromesh pads. These are super fine abrasive, finer than any steel whool, and the best part is that they don't leave anything behind. I have always found with steel wool there are a lot of bits of the wool everywhere, this is cleaner, and you can use a much finer grit to get a mirror polish.
I can't find them anymore, but stewmac used to sell some thin steel sheets with fret slots to protect the fretboard while cleaning your frets. I use them to keep the fretboard clean, and speed up the cleaning process.
My procedure is
1 - Remove strings
2 - put on fret doctor in a good thick layer
3 - Clean the body of the guitar, and pickup covers
4 - Polish the frets
5 - wipe up the exess oil, working the dirt off the fretboard
6 - Inspect the frets, and fretboard for any more dirt, or issues
7 - restring