When you squeeze the trigger, the framistat is moved inside the inducinating coil, which generates the inversion frequency needed to initiate amplitude in the coil windings. This, in turn, sets up a reversing flux in the magnetic fields of the armature, which translates into rotational force. This rotational force is transferred through the planetary gears to the thing that holds your dull spiral pointy things.
Many people assume that fully depressing the trigger increases the rotational speed, when it actually does not. The trigger actually acts as a brake release by pushing against the spring that is squeezing down on the disc attached to the planetary assembly, much like a disc brake on a car. The harder you squeeze, the less this brake squeezes the disc, so the faster the drill spins. The main issue with this design is that when you take your drill motor south of the equator, you have to remember that the entire process reverses, your drill rotates the other way, and you need left handed bits.