Is there an actual paper or some high-level summary of the format -- not to mention a modern implementation? The only summary I could find was the one on Wikipedia. I also found the source code of "unzoo" but it's a bit difficult to understand the benefits of a file format if I first have to understand its implementation.
I didn't take a superficial glance out of laziness, it's because I couldn't find any more information about it. But I think you also missed that I mentioned that the style of versioning implemented in ZOO (as far as I can tell based on a Wikipedia page) is not the correct style for snapshot-like versioning.