Basically it's 12 OZ ground coffee + 7 cups of water in the bucket. I let that sit on the counter for 12-24 hours, then run it through a very fine filter (~1 cm thick piece of felt). This produces a concentrate that I store in the fridge. Dilute 1:1 or 1:2 with milk and/or water before drinking. It's good heated or over ice.
I do 1/3 cup coffee grounds per cup of water, put it all in a mixing bowl in the fridge overnight, and the next day strain it with a very fine mesh. Lasts for a week or two in the fridge
My wife and I both love the results. It comes with 2 filters, which last for about 10 batches each. Each batch takes 12-24 hours in produce in the fridge. We consume it in about a week.
The downside to the Toddy is that it is basically a carafe with a big plastic bucket. When done brewing, you put the carafe in the fridge and store the brewing "bucket". A friend of mine has the Hario[2] -- it is a much more attractive unit, and as an all-in-one you can keep the entire device in the fridge. When it is time to order replacement filters for the Toddy, I think I'm going to pick up the Hario instead and give that a try.
Either way -- the quality of the coffee has been fantastic. Super easy to brew, and really nice having it already ready to go in the morning when we are rushing out the door.
[1] http://www.amazon.com/Toddy-T2N-Cold-Brew-System/dp/B0006H0J...
[2] http://www.amazon.com/Hario-MCPN-14B-Water-Coffee-1000ml/dp/...
I have the Hario (bought it last week, in fact) and like it a lot. 80g of ground beans (same coarseness as my Aeropress), fill it up and once it's full, in the fridge for 10-12 hours. The filter is very easy to clean and the whole thing is made from thick glass, so I'm not too worried about cracking it from an accidental bump.
And cold brew with a dash of milk is very, very good. Much (much) healthier than the sugar-loaded (65g per 500mL!) stuff from the supermarket too, which I recommend everyone avoid regardless.
Here I'm experimenting with double dripping: https://twitter.com/chewxy/status/496793041038868481
Here's my favourite recipe/ratios: http://www.reddit.com/r/Coffee/comments/2ax7u1/were_posting_...
Details beyond that can be figured out. The basics are that easy, and basically no matter what you do it'll be better than any store-bought cold brew.
You just need a jar, a burr grinder, and freshly roasted coffee. Grind the coffee rather roughly, put it in the jar with cold water, screw the jar shut, shake it up, and leave it overnight. Then run the solution through a standard paper filter into a second jar and serve over ice. If you're really intense about it you can also pour the same solution into your ice cube tray to make cold brew ice cubes, to avoid diluting your precious concoction.
http://drinks.seriouseats.com/2012/04/best-way-to-make-cold-...
I did, however, cold brew a whole bunch of coffee to use in a coffee oatmeal stout that I brewed once, and it was absolutely amazing.