this format is free, which apparently is one of the reasons for its popularity. The used codecs supports variable bit rates (as a default), and .ogg files usually play back easily on all platforms. All things being equal, the sound quality exceeds that of mp3 somewhat.
CVU file is a CVSD Unfiltered Audio. Continuously Variable Slope Delta modulation (unfiltered) is an alternative handler for CVSD that is unfiltered but can be used with any bit-rate.