the pedal will feel to drop up and down due to the fluid pressure being released and then the pump refilling the system.
1,brakes pressed,wheels skid
2,inlet valve on the braking circuit with the skidding wheel closes,computer rechecks if the wheel is still skidding-if yes then...
3,outlet valve opens on the braking circuit on the wheel that is skidding to release pressure and so reduce braking to prevent the wheel skidding. outlet valve closes when skidding is no longer detected.(when this valve opens this is the point where the pedal feels to drop)
4,the fluid that was released down the outlet valve goes into a accumalator chamber. when the outlet valve closes the pump replenishes the lost fluid from the inlet side by sucking the fluid out of the accumalator and back into the inlet side of the braking circuit.(this is where the pedal feels like it kicks back up again as the pump forces the fluid back into the inlet side)
5,inlet valve re-opens reapplying the brake and then it goes back to step 1.
the abs computer rechecks wheels speeds and so skidding after each point. if your not braking that hard then sometimes step 2 will prevent the skid and no other action is nes.
each wheel/caliper has its own set of inlet/return valves so each wheel can be operated seperatly as reqd. worn pads could create more abs operation if one side is more efficient than the other so one wheel potentially skids first. abs is useless on ice as it is trying to prevent the wheels skidding when its impossible for it to do so due to the wheels having virtually no grip. in good conditions though abs will slow a car a lot quicker than conventional brakes especially as new abs systems have an emergancy braking mode as well.