The buttons on the left are of press-and-release type and operate the points/turnings. Tapping the left or right button in each pair switches the track in that direction. The large switch top-right swaps power between the two separate sets of track. The smaller switches operate the LED signals. A switch set to left will give a green light for that track and a red light for the right track. Flipping the switch right will set the right hand track to green and give the left track a red signal.
In the below photo the control-box is wired up in analog fashion, with a 9v source to the turning buttons, 5v for the LED signal lights and 16v to power the track. Soon the control box will be all 5v and wired to an Arduino micro-controller which will then send the correct voltages to the turnings / signals and track. This way the setup can also be automated to run by itself.