Felt underlay
The felt underlay is required in some cases only Failure to apply it over the entire roof would have broken the shingles 20 year manufacturer warranty. Beside.... it's an extra layer to protect your home from leaks in case that water will pass the shingle layer.
Slopes 4/12 to 7/12
For the slopes steeper than 4/12 to 7/12( that means: 4 or7 inch up and 12 inch in ), a membrane called Ice&Water shield must be applied along the edges of a roof to protect you from leaks in the spring when some snow may direct water upwards and under the shingles.
For roofs that their slope is higher than that mentioned above there is no requirment for Ice&Water shiled ....
It is still adviced thou !!!
Vallyes
Where two slopes meet .... , that area must be protected with a layer of Ice&Water shield and then the metal valley, (some people rather not use metal just to save some money, but the roof will go faster without it) usualy there is a need to install more than one pc(10feet), in those cases you have to make sure that the vallyes overlap each other by atleast 6-8 inches( allways install valley from the bottom going upwords) this way the next piece wiil be on top as you move up, that way the water will run smooth.
Drip edge
The drip edge comes in different shapes, every one of them is ok. Drip edge is installed all aroud the edges of the house to prevent water from leaking between the fascia and the eavestroughs.