I wouldn't call it an IOU.
meowLEO is basically a token that @meowcurator believes to be equal to 1 LEO. So if you'd like to receive LEO rewards without delegating, you get meowLEO (holding meowLEO acts as delegation) -- same way how auto-compounding works. By forfeiting your LEO reward per day (that you get from HODLing meowLEO or delegating LEO Power) you get meowLEO, which counts as if you powered up. For 1 meowLEO @meowcurators powers up 1 LEO.
I think the best way to call meowLEO would be some sort of a "receipt token" -- receipt that you own a percentage of LEO rewards from @meowcurator.
OK, I admit I am very confused by this, or I'm just tired and need to sleep. I'll be sure to delegate you some LEO and that will be the best way to try it out :)
Looking forward to seeing how this unfolds.
Posted Using LeoFinance Beta