Sure, John. The basic principle here is protein denaturation. This is when a complex protein "unwinds" and forms smaller strands. The heat cracks open the protein.
The two major proteins responsible here are lactoglobulin, and lactalbumen. What happens is that they crack at slightly different temps and different rates at those temps. The lactoglobulin goes first, and then the lactalbumen follows. When the lactoglobulin denatures, the strands of it bond to the casein micelle complex, specifically, to the outer k-casein "shell". This is not so cool, because micelles cannot bond well when that happens. This is why UP milk doesn't work for cheesemaking. Now after that, the lactalbumen steps in, due to the longer heat/time for yogurt-destined milk that UP milk typically doesn't undergo. The lactalbumen acts as a putty... it fills in the gaps on the micelle complex. With the micelles "smooth" again, the nature of the bonding changes. When I meant putty, what I'm really talking about are chemical bonds. Anyway, with the lactalbumen in place, the stage is set for the pH change, which drops the micelles out of solution and causes them to bond into a matrix that retains water very well.
Also, wanted to comment on the stringy texture. UP procedures are different, so two UP products may be very different in their chemical and salt makeups. Also, bacteria can form long chains or have long polysaccharide complexes in the outer casing, which could contribute to a "slimy" mouthfeel. This actually does have to do with the types of sugars and other food that the bacteria consume. Also some strains are more prone to chain forming than others, leading to ropiness. But with the heat treated milk, it is not an issue because you get such a firm curd set that retains water well.
In the end, if you want to replicate commercial products, follow commercial processes. For yogurt, that's 185°F (85°C) for 30 minutes or 203°F (95°C) for 10 minutes. 165 is not terrible, like Francois said, but you have to cook it longer.