Format 0 saves it all on 1 track. OK for stuff like streaming,etc. Format 1 saves all the tracks on their own tracks, which makes it easier to do further editing, etc. Personally, I never use Format 0. Some MIDI files that you can download from the internet are in 0 format, but usually you can convert them back to format 1 with Cakewalk. You then have to go in and find what all the instruments are, then name them in their tracks, etc, for them to be very useful.
BTW, I've noticed that you are endorsing illegal downloading quite enthusiastically here. Everybody knows it goes on all the time. Personally, I pay for my products. Yes, some of them are priced too high, but maybe if there weren't so many illegal downloads, they could actually make enough money to lower prices AND implement better upgrades.
That being said, you are actually putting yourself in a potentially precarious position by posting your suggestions online....forever, or at least as long as the site keeps it. It's possible that anyone that wants to do an extensive search for the piracy of Cool Edit (now Adobe) products can find these comments, trace things, and implicate you for the downloading, sharing and/or advocacy of their pirated product. You are handing them the ammo.
SOOooooo....I'm not trying to be the Piracy Police here, I'm merely suggesting that maybe if you are gonna discuss these issues, it should probably be done more privately, like through one-on-one emailing, or IM's. But, be careful there, also. You really never know who is on the other end of the line.
The last thing is, you are probably violating the conditions of a forum when you espouse the glories of illegal downloading, and make suggestions on how to do it. Possible that it could get you removed, then you wouldn't be able to get your questions answered in such a useful manner.
Just some things to ponder.