It's complex because it's powerful. ~A is the most common directive; it simply prints an object. '~{...~}' (braces) iterates over a list, applying the directives within it to the list elements. Within that construct, '~^' exits if the last element of the list has been consumed; it's used here to keep the separating space from being printed after the last element. '~@(...~)' (parens) capitalizes words in the output of the directives it contains, downcasing the non-initial character of each word.
So there's a lot more power here than in 'printf' control strings. If you find the more exotic notation unintuitive -- and you certainly wouldn't be alone -- you don't have to use it.