So far most of the responses seem to imply that the system monitors vacuum to regulate speed. One even said that load increases vacuum, which is wrong. Idle or coasting produces the highest manifold vacuum.
The system utilizes vacuum to trigger an actuator. Speed is monitored by an electronic signal from the vehicle speed sensor, a wheel speed sensor, or a tach signal. We use the tach signal with the Audiovox unit on our FJRs.
The unit has a vacuum tank built into it, connected to a vacuum port on the intake manifold, with a check valve in the line. The unit does not use engine vacuum directly, it uses stored vacuum in its own tank. Adding an external vacuum tank of some sort with its own check valve increases the unit's capacity, and most of us use an external tank. If it tried to use engine vacuum directly, it would not be able to accelerate, as acceleration drops engine vacuum, so there'd be nothing to pull the throttle with.
The actuator is a vacuum diaphragm with a sealed chamber on one side, and open to the air on the other. If vacuum is applied to the sealed chamber, the diapragm pulls the throttle cable. If air is vented into the chamber, the diaphragm releases the throttle cable. There are two electric solenoids controlled by the system's control unit. One opens the actuator to the vacuum tank, the other vents the actuator to the air.
The system monitors the vehicle's speed and applies or releases vacuum as needed to increase or decrease throttle as needed.
For safety, the controller monitors the brake light circuit, and disengages the cruise control when it sees the brakes applied. It also disengages if the speed sensor input rises faster than a certain rate, so it cuts off if you grab the clutch.
Summary: Ride bike to desired speed, set the cruise. If the bike slows down below the set speed, vacuum is applied to the actuator to open the throttle slightly. If the vehicle goes above the set speed, vacuum is vented to close the throttle slightly. Apply brakes or grab clutch to disengage the cruise control.