Help needed in understanding this LED chaser circuit
This is a fun circuit!  You will enjoy figuring this out.  A couple of clues for you...


The 470 ohm resistors are current limiting resistors.
LED's operate on current flow, not voltage.
Now, think about the RC time constant and what it is that controls the rate at which the capacitors are charged up enough such that the voltage drop across the caps rises sufficiently to turn on the transistors.
Finally, note that this circuit can ONLY work with LEDs and not with light bulbs.


Enjoy!