I supposed it depends on the species but for livebearers, I'd recomend a sponge filter and some java moss - you will notice that the fries are always munching on java moss and the sponge (probably something on them). Small water change every few days works wonders. Substrates are optional, but I use pool filter sand on my tank.
For other species, that's another story. As an example, I have a tank full of mbuna (P Acei) fries. It has nothing in the tank, driven by power filter at 25x flow rate, and large (50%) water change every two days. No substrates. Obviously, this setup requires alot more effort to maintain than to maintain the tank mentioned above, but these babies grow far faster than platy fries (they are now over 1 inch at 30days).