I think Scott Guthrie himself just did a better job than me to describe that basics of the ASP.NET MVC Framework on his blog :)

Since then I've been answering a lot of questions from people eager to learn more about it.  Given the level of interest I thought it might make sense to put together a few blog posts that describe how to use it in more detail.  This first post is one of several I'll be doing in the weeks ahead.

ASP.NET MVC Framework (Part 1) - ScottGu's Blog

Go read it already, it got loads of nice pictures to help get an understanding of it all, including the folder structure which is used as a convention. Somewhat influenced by Ruby on Rails I would say ;)

Considering what I've seen so far of MCV Framework, together with LINQ for SQL and the test framework it reminds me a lot of RoR, but perhaps not as much "convention over configuration" though.