Yes I can tell you how they work. I was an engineer assigned to the product for many years. The shock hydraulic fluid has little iron particles in it, coated so they float in oil. In the presence of a magnetic field, the fluid tries to become a solid, or generally gets much thicker. The magnetic field is generated by a very small coil (acutually 2 coils these days) inside the shock piston. Turn it up and the shock gets stiffer, turn it off and it gets softer and anywhere in between. The electrical signal come from an electronic brain that's fed information from 4 suspension position sensors, a 3 axis accelerometer, a yaw sensor, the steering sensor, plus some engine and brake data. All that is used to make a decision as to how firm each shock should be every 500 microseconds based on several hundred parameters adjusted by the engineer that "tunes" the whole thing. There can be a selector switch that allows some additional adjustment range. The system helps ride, handling and assists the stability control to control the car when things go bad.
Here is a description from the manufacturer.