Really interesting:
I ran some quick tests and here is what I found so far.
If my project file is saved on the local machine: no .ovw files
But if my project file is saved on a network volume: there are the .ovw files.
I run pretty much everything over the network: Logic files (projct folders), EXS Library, Plug-in data, Loops. I keep only the files that Logic needs locally (Plug-in settings, Channel Strip settings) on Logic machines. Everything else is sitting on an Xserve RAID connected through Fiber to an OSX Server that I access through Gigabit Ethernet. It seems that Logic creates those overview fies (.ovw) only when it accesse that audio file on a serve and not remotely.
If someone can verify the network procedure:
1) Have the project folder saved an a network volume
2) Bounce an audio file "TestBounce.aif" to that Project folder (with Project Manager running!)
3) In the Project Manager, navigate to the "TestBounce.aif" file and open the waveform overview by clicking on the disclosure triangle
4) When you have the Finder window open where the "BounceTest.aif" file is stored, you should see at that moment a new file "BounceTest.ovw"
5) Even if you delete the ove file, every-time you click on the Project Manager, the file will be recreated.
I guess that whole .ovw file thing is a network issue.
I rely heavily on network-ability in my Studio setup and found that Logic has quite some issues when it comes to network communications. I mentioned in a different post, that Logic gives me an error message when I try to use a crossfade between two audio files that are on a network volume. This problem occurs only with the afp protocol. If I mount the network volume using the smb protocol then it works. It also works when the file is sitting on my iDisk across the internet (I know playing Logic off your .Mac account is a little bit of a stretch, but I had to try it)