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To follow up on GMJay's note on WAR, this game has really caused me to dig deeper into Baseball analytics.
An easy way to get into it: Read "Moneyball". It's a good read, and short and you will give you an some insight as to not only the some of what we GMJay has mentioned, but also it's a good overview as to the GM role and team building, at least their approach.
And if you liked that book, you may want to check-out Keith Law's new book. I'm about halfway through it, and it's a good overview of the basic stats and new stats/ways of looking at the game.
And if you like all of that, there other good books, blogs, websites and so forth that you will eventually dig-up.
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