Went through the Memcached example. To summarise, the OLM is a way of installing, monitoring and updating and operators in the cluster. Operators define a CRD which makes it available in the OLM catalog. Operators can be scoped to specific namespaces.

The OLM consists of three components, catalog operator, olm operator and broker. When someone creates a specific CRD which defines the operator and its dependencies, the OLM operator will run the install section of this manifest and install operator and all its dependencies. The operator it install will operate and act in its normal way.

Operators may subscribe to recieve updates and the OLM will handle this. When it sees a new version of an operator it can if desired, upgrade the operator automatically.