Ok, Simon's basically right, but one important point - The trigger has 2 stages so to speak, the first part of the trigger pull will drop the trigger sear down, releasing the hammer (at this point the 3 way hasn't changed direction yet). The hammer runs forward under the force of a spring and strikes the valve, releasing a rush of gas through the valve, through the hole in the bottom of the bolt and out the front of the bolt, propelling the ball from the barrel.
Then the second stage of the trigger pull (pulling it back further) causes the 3 way valve to direct gas to the front of the ram, pushing the cocking rod back, which by virtue of being attached to the back block, pushes the block back too. The back block pulls the bolt back (they are also attached), allowing another ball to drop down. The back block also pulls the hammer back against the spring.
Then as you release the trigger, the 3-way valve reverses direction, pulling the cocking rod forward, causing the back block and thus the bolt and hammer to move forward too. The hammer, however, only moves a short way forward before catching the sear of the trigger mechanism, holding it back against the tension in the spring. The bolt travels all the way forward under the power of the ram, closing and sealing the breach with a fresh ball in the chamber.
So there you go, hope that helps, its certainly not authoratative, just seems to be how it works from my (limited) knowledge and inspection, but I'm pretty sure its right (I'll just read it through now to check)
Tom
PS Thinking about it, I'm not sure whether the breach doesnt open too quickly because either:
A) You cannot pull the trigger fast enough (ie the hammer release -> ball leaving barrel) is so fast that the trigger cannot move fast enough to recock before the ball's gone, OR
B) By virtue of the ram being fairly low pressure, it takes longer for enough pressure to build in the ram to recock than it does for the ball to fire.
Anyone know? I suspect its a combination, but I'd be interested to know the absolute truth.