Incubation periods are different for every infection. Some are as short as a few hours, others are as long as 10-14 days.
How long an infection takes to run it's course also varies. Some as little as 24 hours, others for months.
Contagion is also different with every illness. Some are infectious only PRIOR to symptoms developing, others are only infectious AFTER onset of the first symptom. Some are still contagious 72 hours after the cessation of symptoms (although by the 24-72 hour after all symptoms are gone, most aren't). And more fun, some are asymptomatic.
But just for 'rule of thumb' sake... go by symptoms, and wait 24 hours after the last symptom. Colds and Flus typically last 7-10 days, and are contagious for the entire period.
In our generation, most people don't wait until their kids are well to bring them out in public (a whole host of reasons form the foundation: ridiculously strict attendence policies at schools and dual income families and vaccinations which have removed the fear of lethal illness, form the bulk of them). Since "everyone else" is just bringing their sick kids around infecting everyone else with callous disregard for other people, it's become the norm. Of course, because of this, our kids are staying sicker and getting more illnesses now than at any point in recorded history. Even just ONE generation ago 'cold and flu season' usually meant getting sick ONCE. Now, most kids are sick off and on for months. When we rest, our immune systems kick butt... when we're active, our immune system shuts off (the immune/adrenal response... it's an either/or scenario).