A low noise time-of-flight detection system for laser cooled atoms has been constructed and incrementally optimized. Here, a thorough description of the construction is presented along with an analysis of the capabilities of the system. The quality of the detection (the resolution, the reproducibility, the sensitivity, etc.) is crucial for, e.g., the ability to see details in the velocity distribution profile, which is of interest for fundamental studies of statistical physics and of the laser cooling processes, and for detection of small initial velocities of an atomic cloud, important, e.g., when studying small drifts induced by Brownian motors and ratchets. We estimate the signal-to-noise ratio of our signal to be better than 1000:1 for a typical single shot, and we discuss the effect of the initial atomic cloud size, the probe size, and the effects of the wave packet spread during the fall time on the measured quantities. We show that the shape of the velocity distribution is well conserved during the mapping done in the detection, i.e., in the convolution with the probe beam, and that velocities as small as a few percent of the single photon recoil velocity can be resolved.