This paper presents data and analyses from which emerges a physical picture of microsecond-conduction-time plasma opening switch operation. During conduction, a broad current channel penetrates axially through the plasma, moving it toward the load. Opening occurs when the current channel reaches the load end of the plasma, far from the load. During conduction, the axial line density in the interelectrode region is reduced from its value with no current conduction as a result of radial hydrodynamic forces associated with the current channel. A factor of 20 reduction is observed at opening in a small, localized region between the electrodes. When open, the switch plasma behaves like a section of magnetically insulated transmission line with an effective gap of 2 to 3 mm. Increasing the magnetic field in this gap by 50% results in an improvement of 50% in the peak load voltage and load current rise time, to 1.2 MV and 20 nsec, respectively. An erosion opening mechanism explains the inferred gap growth rate using the reduced line density at opening. Improved switch performance results when the maximum gap size is increased by using a rising load impedance.