Circuit Explanation - FM Transmitter | (from "Make:")

An attempt to analyze and understand the "Make FM Transmitter".
The circuit was originally built by a guy named Kogawa.
I've built this circuit using the manhattan style pcb construction and it works.
I'm trying to explain how the circuit works and the use of every component.
If you have a different opinion on how it works, write a comment.


Mistake at 0:38 (!):
Xc2,3 at 16 Hz is 995,000 ohms!