The LDR (Light Dependant Resistor) is a two terminal resistor whose resistance changes depending upon light shining on it. When dark, it's resistance is verrry high, typically many megohms. When you shine a bright light on it, the resistance becomes verrry low, typically 1K or less. When you shine a dim light on the LDR, it's resistance will be somewhere between verrry high and verrry low. If you put a light source close to a LDR and turn the light on and off repeatedly, the LDR resistance will change between verrry high and verrry low at the same rate that you turn the light on/off.
More specific. The 1484 uses an optocoupler (roach) that contains an LDR and a neon lamp bulb placed next to each other in a light tight enclosure. The LDR is connected between ground and the guitar signal path at the junction of C9 and R9. When the LDR is dark (high ohms) it has very little or no effect on the guitar signal. When the LDR is lit up (low ohms) by the neon lamp it shunts the guitar signal to ground, decreasing the signal amplitude. Now if you can just flash that neon lamp on and off at some slow speed, say 1Hz to 10Hz, you will effectively vary the amplitude of the guitar signal at that rate. This is called amplitude modulation, or in the guitar world, tremolo.
V6B is a simple low frequency phase shift oscillator that produces a sine wave output. This sine wave is applied thru the STRENGTH control to V6A which controls/switches the neon lamp. The neon lamp will flash at the frequency of the oscillator and the STRENGTH control determines how bright the neon will flash.
The typical Fender tremolo circuit with a roach operates just like the 1484.