A new generation of ground-based interferometric gravitational wave (GW) detectors is due to begin operation this year, with routine detections anticipated within the next decade. Compact binary coalescences (CBCs), comprising pairs of neutron stars and/or black holes, are among the most promising sources for these detectors. In this work, we focus on two aspects of the science effort in GW astronomy with CBCs. Firstly, an attractive prospect for GW astronomers, in the wake of a CBC de- tection, is to observe its electromagnetic counterpart using a conventional telescope. In the first part of this thesis, I investigate our prospects for timely electromagnetic follow-up of such events and the degree to which a galaxy catalogue might aid such observation campaigns. Secondly, an important aspect of the science effort for GW detections is to ef- ficiently estimate the parameters of the system from which a detected signal origi- nated. In the latter part of this thesis I describe a refinement on existing Bayesian inference techniques used for this purpose. I follow this description with a reference implementation and an application to parameter estimation for CBCs.