I just managed to get a unofficial Arduino WiFi shield to work. But the ESP is flashed on its own now - providing only information to the USB->TTL converter and therefore the output goes straight to the Serial Monitor of the Arduino IDE.
Since the ESP is flashed and should be running now - I should be able to disconnected the USB->TTL converter and attach the Arduino RX/TX to the ESP TX/RX right?
Then I should receive Serial Data and should be able to process these in my Arduino Sketch right?
So what do I need to do now? Should I start trying a Serial read from the arduino with the baud rate specified by the ESP Flash (11520)? Or do I have to consider something else as well?