Xiph details what they hope will be their codec to supersede Vorbis.
Ghost intends to improve and expand upon the Vorbis feature set in the following ways:
- Near-headerless operation
- Elimination of pre-echo
- Inherently bit-exact decode
- Lossless encoding ability
- Reduced/bounded resource usage
- Extension of encoding sweet spot for CD-rate audio to as low as 16kbps (factor of four over Vorbis)
It gets really technical from there.