The discussion centers on calculating the frequency of an astable multivibrator circuit, emphasizing the importance of capacitance (C) and the role of external components. The frequency of oscillation is derived from the formula Fo = 1/(2R1C1*ln(1+(2R4/R3)), indicating that it is primarily influenced by these components rather than saturation voltage. The Zener diode's voltage is crucial for determining the amplitude and RMS values of the output square wave, with calculations suggesting an amplitude of approximately 4V and an RMS value equal to the amplitude for square waves. Participants clarify that hysteresis voltage can affect the frequency if it is significant, potentially slowing the oscillation period. Overall, the conversation highlights the interplay between circuit components in frequency and output calculations.