The idea behind this new format is simple: what if we returned to the older AUP format, but we put everything in a binary #XML representation? After all, an #AUP project is just an XML file with a directory containing block files, so why not merge all this data in a binary XML representation?
It turns out we can, and what better format to use than #EBML? #Matroska uses it, and since it's a container that supports audio, we can use it as a starting point for our new project format.