No problem. I like to think that my E&M physics course I took recently this year, along with all of the independent learning regarding DC-DC converters (for the design of the BlitzBuck), has made me a pretty good source of information when it comes to these on the forums.
So first - the MOSFET.
A MOSFET is essentially a big transistor, which has some special properties. Whereas with normal transistors, you have the Base, collector, and emitter, a MOSFET as a source, drain, and gate. On a normal BJT or whatever, whatever current flows into the base amplifies the current flowing through the collector and emitter junctions. Basically, it's used as an adjustable resistor - less resistance when the base has more current flowing into it.
A MOSFET, on the other hand, while it does act like this in some cases (particularly, in the linear region of the MOSFET - I am pretty sure that's how linear regulators work), after a certain point (the threshold voltage of the MOSFET) it basically becomes a constant "short" between the drain and the source. This makes it act like an electronic switch - apply a voltage above a certain point to the MOSFET's gate, and it opens. Of course, there is some internal resistance to MOSFETs, but it's really low - usually around 50mOhms.
Now, then, the important specs of a MOSFET are the current handling capability, the Vthreshold, the internal resistance, the gate charge, and the power dissipation ability. The current handling capability is pretty straight-forward - you need it to be able to handle the current you are pumping through it. Typically, they have "pulse" operations and "CW" operations. I typically make sure my MOSFET could handle my max current in CW. Then there is the internal resistance. This directly relates to power dissipation and voltage drop. Obviously, you want a low internal resistance so that less voltage, and therefore power, is lost when the current passes through the MOSFET. Then there is the gate charge - that dictates how fast it switches on/off and how much current is necessary for it. Typically, a lower gate charge is better, because that implies it switches on and off faster and needs less current to switch on/off. Finally, the power rating - MOSFETS typically dissipate a lot of power, especially if they are driving 5+A. So you need to make sure that the current through them squared times the internal resistance is less than the power dissipation capabilities of the MOSFET.
On more thing - MOSFETs can be used as reverse protection, because they require a certain polarity of input to the gate to open the switch, depending on which type of MOSFET it is. I always get this part mixed up, but I believe NPN MOSFETs require a positive voltage at the gate to allow flow of ground, and PNP MOSFETs require a negative voltage (or ground) to allow flow of positive voltage. But I would have to look that up.
Next up is the capacitors.
Whereas yes, they are just smoothing things out, they are also providing "boosts" of current when the source isn't providing it. For instance - boost drivers and buck drivers require LARGE current pulses of input current from the battery. That's what the input capacitor is for. Batteries can't typically discharge that much current that quickly, so with a ceramic capacitors EXTREMELY low equivalent series resistance (ESR), it can provide the short pulses necessary by taking the charge that the battery gives it during down-time and releasing it when the battery needs help. The same is true for the output capacitor: when the inductor is not putting out current (inductors oscillate in the current that they put out), the output capacitor can help by releasing current stored inside to balance out drive current. Then, obviously, the inductor has to output more current than the drive current in order to charge the capacitor AND drive the circuit. For the BenBoost, there are three identical ones because those just happen to work. Further, the larger capacitance means the more smooth output, so that's why we want the highest capacitance possible. But also note that, even if your capacitance is large, if your ESR is too large (typical in electrolytic capacitors), then you won't get smoothing no matter how large your ESR is.
Finally, there are simple smoothing capacitors, used in linear regulators - they just take in any excess current not necessary for regulation and emit it when it drops out of regulation - keeps it stable.
Then there are inductors! We learned about the operation of those in Physics, because it isn't well described anywhere else.
The thing about inductors, and why they are used in bucks and boosts is that they HATE a change in current. Inductors will do whatever they can to resist the change in current. So, for example, if you have a current flowing through them and suddenly cut it off, it will induce an electromotive force in it (called EMF, equivalent of voltage) that will drive current in the same direction in which it was initially flowing before current was cut off. This is the basis of boost converters: they pump a lot of current through the inductor and then cut it off and once they cut it off, the induced EMF in the inductor can be MUCH larger than the input voltage - it will do whatever it can to make sure that the current stays the same. But, so that voltage doesn't flow the wrong way, the schottky diode is there - so current only flows forward. And guess what is used to do the switching? A MOSFET
The induced voltage in an inductor (that's where the word inductor comes from!) is proportional to the change in magnetic flux through the inductor, which is proportional to the change in current. So the faster you switch off your inductor, the higher the induced voltage is.
Regarding improvements - it's really usually all in the datasheets. There are typically equations to help you calculate what the inductance for any given application is. BUT, you need the saturation/overheat current to be ABOVE whatever you expect the peak current through your inductor is. The peak current is going to be the peak current that your battery puts out, so you should always have the inductor's current capability as higher than the switch current of the MOSFET doing the switching, whether internal or external.
Any more questions? I love this stuff!