Most of the time, the 'weight' flows back and forth between a and b according to certain equations over time. When you measure the system- that is, when the bit interacts with the outside world, hopefully your measuring apparatus- you see a 1 or a 0, with probabilities |a^2| and |b^2| respectively.
So what you can do is get a whole bunch of these quantum bits- qubits together, and set things up so that the time-evolution of their quantum state is correlated and probabilistically moves towards something you're interested in. Say you can set things up so the bit array- which, at first, will give you a mere perfectly random bit string on measurement- becomes more and more likely to give you, say, a prime factor, or the answer to some other question.
So yes, the quantum phenomenon is that the bits of the computer are quantum objects as opposed to classical.
(qubits I've seen explained many times, but setting things up so that qubits are probabilistically correlated is the part I've never understood anyone else to be saying)
The math on quantum computers checks out, it's "just" an engineering challenge at this point, and many are doubtful whether these challenges will ever be overcome to build a quantum computer of sufficient complexity.
Essentially, some "unitary evolutions" are complex to implement, as in requiring a lot of quantum "gates". This causes an accumulation of error and a whole lot of other problems, which limits the complexity of the calculations that can currently be performed.