If you use the mechanical action of the camera (pull the cord & let go) you'll need a steady hand or a heavy/fixed tripod as the camera is not perfectly balanced, and "throws" when spun.. You could also get the Motorizer accessory, but it costs more than the camera and judging by the banding in photos on Flickr the motor action is jerky.
The optics are very simple, probably a single-element lens. Don't expect super-sharp images. I occasionally get vertical bands of blurring, suggesting that the camera doesn't hold the film perfectly in the focal plane throughout the exposure.
A Google search says the lens is 25mm, with 52mm filter threads.
The drive is very simple and purely mechanical. There is no exposure control, the camera spin speed and angle depend on the resistance in the film cartridge and the stiffness of the mechanism. Mine performs very poorly at freezing or below, it will at best spin 180 degrees. At room temperature it works fine, spinning 360 or more if the film is not wound tight.
The exposure slit covers the sprocket holes. The holes are only used for attaching the film to the take-up spool. When using the camera the film is advanced by the turning of the take-up spool.
Here is a Youtube film that shows the film transport: http://www.youtube.com/watch?v=qpV--iAm9rs