It is a standard mp3, with a variable bit rate ("vbr"), produced by the "lame" encoding engine (http://lame.sourceforge.net/).
The '0' indicates it is the best quality lame vbr preset, although 'v2' is supposed to be nearly as good while taking up less space.
For most people, a v0 or v2 mp3 is indistinguishable from the source material ("transparent").
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