Jason,
If I was doing the inspection, I would be looking for any number of code violations throughout the house, unsafe conditions (splices without boxes, exposed wires, etc.) I would also check out all electrical panels looking for signs of excessive heat, loose connections, double lugging (more than one wire terminating at a breaker).
Also, I would check to see if the connections at the service drop are safe and have the correct amount of drip loop.
I would look for a poorly mounted service riser, lack of G.F.C.I. protection where needed, etc.
Basically, I would inspect the whole electrical system for potential future problems and to make sure it meets the code standards.
As a buyer, you would be foolish not to have this done.
Any problems found could be used as bargaining chips for you to bring the cost down.
Also, the last thing you want is to buy the house and find out that you need major electrical repairs or upgrades.
Maybe the seller would be willing to split the cost with you or cover it completely.
I'm not trying to insult your intelligence here but, I would also make sure I have a home warranty and don't be afraid to use it.
Good luck.
