In other words, what are some factual, non-subjective reasons why you might choose (or avoid) a certain file format ? (For example, disk usage, audio accuracy, emulator compatibility, etc).
I'm primarily curious about the Sega and Sony CD-based consoles (SegaCD, Saturn, Dreamcast, and Playstation). Unfortunately, not many people seems to know the technical specifications of the various file formats: bin, iso, bin/cue, iso/cue, img/sub/ccd/cue, iso/cue/wav, iso/cue/mp3, cdi, gdi/bin/raw.