Some ESC questions for the Nerds!

I'm getting more and more interested of how an ESC works. I'm still sad that I couldn't choose physics at school because my marks weren't good enough, now I have to do 2,5 years economics

Anyway... I've got some questions about ESC's for the nerds around here :)
- What does determines the smoothness (no-cogging) of an ESC? Mainly the software does, right? But very many people also think because of capacitors. Adding capacitors makes an ESC more smooth. I don't understand why capacitors can do this? The amp draw isn't high at low RPM, and a capacitor only sucks up current from the battery and gives it to the ESC if the battery can't offer enough current right? Are there also more things which determine the smoothness of an ESC?
- Capacitors got an "uF" amount. The amount of current they can suck up. My dad told me it's possible to convert uF to mA, but he didn't remember how lol. Can somebody tell me how this is done?
- What do MOSFET's actually do in an ESC?
- Why does an ESC get's warm/hot? Because of the resistance in the MOSFET's? Too low rated electronics?

Just some things that I'm interested in, and just want to know :) Especially the first 2 questions. This questions should be easy for BrianG, ZPB etc... So I hope you can help me :)