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VU Meter
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VU Meter
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VU stands for Volume Unit, and represents the average volume of the signal NOT THE PEAK. While unlikely you can have a low VU level but also be overdriving and distorting your signal unlike a PPM Meter. VU's are most often used in high end gear, the SSL studio console for example has the option of switching between PPM metering and VU metering.
Links
http://www.shure.com/support/technotes/app-meter.html