Here is a forum that can answer any question you may have about motor control.
http://www.eng-tips.com/threadminder.cfm?pid=237
Also, check out the NEC 2002 code book for requirments on circuit ampacity, overload requirements, etc.
Generally, you need to think about how to start and stop the motor, overload protection, fault current protection, ground fault protection and interlocking start/run permissives.
For variable speed AC, there is one (possibly more) manfucturers of single phase input/output variable speed drives. Variable speed DC is easier, but DC motors are more expensive. VFD's have come way down.
There are three main topologies to motor control; 2 wire, 3 wire or 4 wire start/stop.
2 wire uses the same contact to both start and stop (energize and deenergize) the main contactor.
3 wire has individual run and stop contacts, but they share a common leg because the motor control circuit consists of one voltage.
4 wire again has individual run and stop contacts, but two control voltages are used in the motor control circuit. This is usually where power circuit breakers are used for larger medium voltage motors (2300V, 4000V and 13.2kV greater than 1500HP).
Each has advantages over the other, but 3 wire control is the most widely used for normal applications. If a PLC or other control has complete control of the motor, then 2 wire is usually used.
Let me know if you would like a specific quesion answered. I troubleshoot and design quite a few of these a month.