Gyroscopic Precession (Relationship with ωspin and ωprecession)

[ILoveZerg]

Homework Statement

I am trying to find the relationship between the rate of precession(ω_precession) and the angular velocity of the wheel(ω_spin). Here is a video that explains the problem well:
http://www.youtube.com/watch?v=ty9QSiVC2g0

Homework Equations

$$L = r X P = Iω$$
$$\tau = r X F$$

The Attempt at a Solution

http://demoweb.physics.ucla.edu/node/29
http://scienceworld.wolfram.com/physics/GyroscopicPrecession.html

So, above are the answers to my question. However, they do not do a very good job of explaining what the equations mean. The equation for ω_precession from the first link is:
ω_{precession} = \stackrel{\tau}{I\omega_{spin}}
ω_{precession} = \stackrel{Mgr}{L}

I am trying to understand these and really do not know where to go from here. Is it really as simple as ω_{precession} = \stackrel{Mgr}{Mr_{2}^2\omega}?

Edit: I was doing some more thinking and in the above equation where I replaced Iw with Mr^2w. The r2 on the bottom is the radius of the wheel while r is the radius of the horizontal "rod".

 

[haruspex]

Is it really as simple as ω_{precession} = \frac{Mgr}{Mr_{2}^2\omega}?

Edit: I was doing some more thinking and in the above equation where I replaced Iw with Mr^2w. The r2 on the bottom is the radius of the wheel while r is the radius of the horizontal "rod".

Yes, that looks right (after changing \stackrel to \frac).