But I cant use the toolstrip that comes with the Maintenance form for the child bo, right?
Not generally... the maintenance form toolstrip calls the methods on the form, which uses the IncludeInForm*** properties to determine which business object(s) to perform the action on. So, you cannot have multiple MaintenanceFormToolstrips, or they will both do the same thing.
I'll need separate buttons for add, edit, delete, save, undo, and navigation for the grid/child BO, right?
Correct.
If i attempt to navigate away from the parent record, how can i detect if there were changes made in any of the child records and then prompt the user?
Your best bet is to handle the Navigating event of the parent business object and check the IsDirty property on each of the child business objects... if any of them is true, then you should set e.Cancel = True to cancel the navigation away from the current record.