How to configure ADFS 2.0 and SharePoint 2010 end to end
here is a 9 minute video walkthrough and blog that describes each step.
I think the source for the video came from this blog. Very similar.
Screen shots are missing. There is a document link at the bottom of the blog that has the complete post
ADFS can enable claims providers, connect O365, Windows Azure Active Directory and much more.
Active Directory Federation Services (ADFS)
Active Directory Federation Services (ADFS) is based on the emerging, industry-supported Web Services Architecture, which is defined in WS-* specifications. ADFS helps you use single sign-on (SS0) to authenticate users to multiple, related Web applications over the life of a single online session. ADFS accomplishes this by securely sharing digital identity and entitlement rights across security and enterprise boundaries.
You can use AD FS 2.0 in several common scenarios. The simplest and most common scenario is to use AD FS 2.0 as an identity provider so that it can issue SAML tokens for the identities it manages. For that, a new relying party needs to be created. A relying party in AD FS 2.0 is a representation of an application (a Web site or a Web service) and contains all the security-related information, such as encryption certificate, claims transformation rules and so on.
Windows Server 2008 R2 – ADFS 2.0 is a Role
Technical article – AD FS 2.0 in Identity Solutions