I'd heard of Kac-Moody algebras before, but I didn't know very much about the parallel theory of their groups and flag varieties. The approach to the subject is fairly algebraic / combinatorial approach to the subject, although the fact that we are working with groups and their flag varieties gives it a more geometric flavor as well. One thing that surprised me was how the generalization from the finite-dimensional case usually involved simply coming up with a framework to express the objects in question as ind-varieties / pro-varieties; the generalizations were almost straightforward once the right framework is there. Also, this book is not too difficult if you are familiar with representation theory, say, on the level of Jantzen's Representations of Algebraic Groups.