It would be easier or you to explain is in words of 3 syllables or less... And Wikipedia can be so unreliable at times.
As I remember it, a capacitor has two plates and a non/semi conductive material (a dielectric) between them. Electricity builds up on one plate until it surpasses the threshold of the dielectric material of holding back the charge and then the charge is set through to the other plate until the charge reaches zero and the dielectric material is able to block again. This, as I say it sounds like, switching on and off at a fast rate.
Technically speaking... Yes. this is true BUT... This would be called "ringing" and it cannot sustain itself. This isnt switching. switching requires control currents, etc. This is simply ringing. and eventually due to the resistances, leakage currents, and other non-ideal situations in the capacitor it settles down.
Capacitors are great at blocking DC currents, because as soon as you hit the capacitor with one polarity of charge, it will charge up, and the rate at which it charges is in Q, or coulombs. This is directly related to the capacitors value, in farads. As noted: (One farad is defined as the capacitance of a capacitor across which, when charged with one coulomb of electricity, there is a potential difference of one volt.Conversely, it is the capacitance which, when charged to a potential difference of one volt, carries a charge of one coulomb.[2] A coulomb is equal to the amount of charge (electrons) produced by a current of one ampere (A) flowing for one second.) -Wikipedia
But once it charges in one direction, as long as the voltage polarity potential is stable, it doesnt "bounce around" or oscillate.
Capacitors are great at AC, because in an AC environment they will alternate their polarities allowing the same waveform to pass on the other side from the site, With a tiny bit of phase-lag. The amount of energy that is passed from one side to the other depends on the Reactance (Xc) of the capacitor and its circuit, And its ESR at its given frequency tune. There can never be a reactance of 0, because ESR gets in the way. But this requires again a transistor and some other stuff to create an oscillator. There is quite a few oscillators, Blocking oscillators, colpitts oscillator, etc.
But this is all irrelevent in the Mac land, (except maybe the power supply control section). In the mac, the majority are all used as filter capacitors. Capacitors make great storage tanks because what happens is if the noise in the supply rail is faster than the capacitors rate of charge in Coulombs, it smooths the supply because the capacitor cannot discharge and recharge at that rate of speed. The value of the capacitor here is determined on the factor of noise/ripple, AND current that will be used on that supply line.
The higher the frequency component, the smaller the capacitor you need.
there may be quite a few things that I missed, but thats the majority of it.