A VU meter measures the average sound output, a PPM (Peak Program Meter) measures the fastest and highest sound peaks. (I think it was developed in the 60s or 70s and was significantly more expensive then a VU meter, which is why you only found them in studios and on high end consumer music items)
LEDs have no moving parts and so respond virtually instantaneously, unfortunately because of this the eye/brain has problems registering the peaks, and so the peak hold LED meter was introduced to solve the problem.
Uses
A piece of Classical music has a very low average volume, but plenty of peaks; a lot of modern music has few peaks, but a high average volume.
If you made a recording of both using a Peak meter, then when you played them back the modern music would be considerably louder then the Classical piece. (The ear focuses on the average volume first)
Consequently recording studios and program makers use both types of meter to make sure they get a nicely balanced sound.
Hope this helps.
Bill
_________________________
English Riviera:
Live entertainment, Real Ale, Great Scenery, Great Beaches, why would anyone want to live anywhere else (I�m definitely staying put).