My intepretation of the formulae is that ever point on the x-y circle is a circle in the z-w plane and vice versa, this is simple to put into words, but hard to imagine dropping two dimension and putting a flatland picture to it I don't know.
As you go from left to right across the image above, you are seeing (two-dimensional projections of) three-dimensional slices of four-dimensional objects intersected with our three-space. The red one is being pushed through so that its w-axis is perpendicular to our three-space. The green one is being pushed through so that its y-axis is perpendicular to our three-space.
So, yes... technically, the red and green are simply sequences of cylinders (as that's what the intersection of this shape with our three-space happens to be when its w-axis is perpendicular to our three-space). The bottom one, however, is not just views of the crind. They look somewhat like it. Here's a crind:
In the picture of the duocircle above, there will be no cusp point, regardless of how one rotates it and pushes it through our three-space.
If you look across the slices of the red duocircle above, you will see that x<sup>2</sup> + y<sup>2</sup> = R<sup>2</sup> for each and every stage of the sequence where the object is pushed through our three-space. The x-axis goes into the screen, the y-axis goes to the left within each slice. If you look now at the heights of the cylinders as the item is pushed through our three-space, you will see that the height squared is the radius squared minus the squared distance from w=0.
If you look across the slices of the green duocircle above, you will see that z<sup>2</sup> + w<sup>2</sup> = R<sup>2</sup> for each and every stage of the sequence. The x-axis goes into the screen, the z-axis goes to the left within each slice, and the w-axis goes up in each slice. The y-axis is perpendicular to our three-space.
The reason we can see more slices of the red than the green is the same reason why the red cylinders on the ends are shorter than they are in diameter. Urgh.. I wish I could think of some better way to word that.