Condo fee can include a wide variety of things and you should be certain you understand what they cover before making an offer.
They typically cover exterior maintenance of the building (except for doors and windows in most cases), exterior maintenance of the common area, (parking areas, landscaping etc), taxes on the common areas, management fees, taxes on common areas, common area lighting, etc. They may also include various amenities such as pools and tennis courts, trash pick up, etc. You also want to review their most current financial statement and check out their capitol reserves. Find out if there are any special assessments either pending or being considered (A sign that they are under capitalized)
Find out if the development is FHA approved and if not, why not? Condo financing is extremely hard to get without this approval and may require that all buyers are capable of paying cash, which could impact your ability to sell it down the road.
Get yourself a good buyer broker who can assist you with your purchase and who knows what to watch out for. I recently posted a blog here on Trulia that explains how to find a great broker and have attached the link below for you.