Woah... lots of questions from everyone
OK - the terms
AUW stand for All Up Weight. Basically if you get your hex and put it on the ground ready to take off so it's loaded with batteries, camera gimbal - everything you are going to fly with on it then put your hex on a set of scales that would be your AUW. It's a very important number because it is fundamental on how long you are going to get in the air, how many amps you are going to draw from your packs and how much strain you are going to put on your motors.
With any Hex you need to establish your AUW first. Then divide this number by 6 (or 8 if it's an octo). The resultant number will tell you how much thrust each motor has to produce to enable hover. However, nobody wants to
just hover, we all like to fly around a bit

and assuming you want your craft to hover at around mid stick you need to double these numbers and add 10-20% overhead.
eg; If your AUW for your craft was 3kg (3,000g) then your motors would need to produce 500g thrust each just to get airborne. In order to achieve meaningful flight you would need 6 motors that can achieve around 1.1kg (1,100g) of thrust each.
The amount of thrust a motor can achieve will be laid down by the manufacturer and will depend on voltage (3s or 4s pack etc) and prop length and pitch.
Too steep a pitch and you will draw too much current through the motor and it will overheat. Too little and the motor will need to spin faster and you will lose efficiency - all of the above effect your flight times.
A very good tool is eCalc ->
http://www.ecalc.ch/xcoptercalc.php?ecalc&lang=en . It DOES have it's deficiencies but it will give you an idea of what combos work and what are way out of whack.
BEC stands for Battery Elimination Circuit. It's basically a regulator that will provide (in esc cases) a stabilised 5v supply. This can be fed to the flight controller and/or receiver but you should be mindful of how much current an esc bec can provide. If you over stretch them they will fail. I use the Naza M v2 with PMU. The PMU is in itself my bec so I use opto isolated esc's with no bec whatsoever.
@mediaguru - If you are going to use the 5v supply from one of your esc's the reason you should cut the other 5 positive leads off and only use one is because if you don't you will have 6 becs in circuit. Each bec will differ in voltage by a very small amount and you will have a conflict going on with all six in circuit - hope that makes sense. I AM NOT talking about cutting the wires that feed the motors here I am ONLY talking about the bec outputs.
@wkf9425 - Max flight time is such a variable because every component plays a part in a self build craft. However as a guide, my FY690s has an AUW of around 3.5kg and I get a comfortable 20 mins in calm conditions and around 18.5 mins in windy/gusty conditions. This pulls around 7,800mah from my packs so well within the 80% rule.
With regards to payload... the bigger the hex, the bigger the payload (generally). A criteria for my was portability so I didn't want to go huge. I also knew I was only going to be using a GoPro with this set-up so I designed the whole hex around theose sort of weights (including the Arris CM3000).
I favour T-Motors for motors and props - they are not the cheapest but they are VERY good quality and at the end of the day the only thing that is keeping your money aloft is the motors and the props !! :shock:
Hopefully that's answered your questions guys - anything else shout.