Words to introduce the feature set. http://people.gnome.org/~markmc/qcow-image-format-version-1.html
Words about performance and use-cases.
Smaller file size, even on filesystems which don't support holes (i.e. sparse files)
Snapshot support, where the image only represents changes made to an underlying disk image
Optional zlib based compression
Optional AES encryption
Superseded by QCOW2