The biggest mistake you can ever make with a gravel driveway is to grade it out once it's compacted.
I both agree and disagree with this statement Eddie. How's that for wishy-washy?
I repair over 70-100 driveways every year and every one of them gets regraded...to a degree. Of course, every driveway gets treated differently depending on condition, subgrade and existing material, so my technique varies quite a bit. If the driveway is in pretty decent shape and just needs a tuneup and topping, I rip or grade only low enough to collect enough material to set my crown, slope, or whatever drainage it needs. If the base is good, there's no reason to disturb it.
If there are a lot of deep potholes showing mud-pumping from below, the entire driveway gets ripped 'em down to a depth just above the soil. Sometimes I only rip the potholes to the bottom and the surrounding area. Either way, potholes get ripped in three directions...inline with the driveway and at 45 degree angles each way. Then I wheel-roll the potholes individually and add surrounding material as required to bring it up to just above my grade. When I grade it out, the excess compacted material in the potholes gets sliced off to grade and the entire driveway wheel rolled.
The toppings I use vary depending on what I find when I regrade. Many times I recover so much base material that the driveway only needs a couple inches or sprinkling of stone. In this area, the best crushed stone is 3/4" minus limestone. I order unwashed crushed rock to take advantage of the fines in it. It helps to bind the crushed stone together.
If the driveway is lacking in the base department, I put down 4-5" of roadbase. New driveways get 6". We have five types here. 1.5" caliche, 1" crushed concrete washout, peagravel flex base, 3/4" flexbase and recycled concrete. The flexbase materials are too dirty and contain too many fines. Recycled concrete is junk with chunks of rebar, plastic rebar chairs and vapor barrier in it. I use the caliche and concrete washout depending on the location. The caliche holds better on hills and places where extra thickness is needed, but unless the customer likes white slime in the rain, these driveways get topped with a good sprinkling of the 3/4" crushed limestone mentioned above. Concrete washout driveways can be left as-is, or topped with limestone too. I prefer the latter, vibratory rolled before and after the topping.
My competitors around here that still "do it the way daddy did" are actually my best salesmen. Keep tailgating material and using flexbase and 100% caliche guys...it's great for business!