In an effort to keep this a little organized, the next few sections will split up the major sections of configuration.
ASA IPS Module Network Configuration
The first thing to cover is how to configure the basic network settings of the IPS module, assuming that the defaults are not acceptable. The way to do this differs between the ASA 5505 and all of the other models.
A couple weeks ago I was training / consulting at a very large school district outside of Columbus, Ohio. They have all 9300 NGFW's to cover hundreds of thousands of students, so I immediately got to work on tuning these already configured systems, which a consulting company installed for them. They called me because their 10 Gig links were saturated and they couldn't find the problem, and also wanted additional training on their Firepower / FTD systems.
What I found upon arrival was the basic defaults of Balanced Security and Connectivity as their IPS policy, but worse, the consultants disabled the Security Intelligence (SI) completely saying it would bring down the network. That's not true obviously, and the SI was a quick fix.