An 8086-based microcomputer system consists of the following components: 8086 CPU, ROM, RAM, peripherals, control bus, address bus, and data bus. The buses include the control bus which outputs signals like M/IO, RD, WR. The address and data buses are multiplexed and use latches to separate the address and data. The system also includes transceivers, a clock generator, and interrupt and DMA controllers. The 8086 can operate in minimum or maximum mode, with different control signal outputs in each mode. Read and write cycles take 4 clock cycles each and involve latching the address, then transferring/accepting the data.