does the second generation zune take mpeg music files?

^ would i need a converter to run mpeg files on a zune? and what video files does it take also? I go to properties when I I right click on the song, and it say the file type is "mpeg layer-3 audio". Does this mean it's actually an mp3 file, becuase I've never heard of mpeg by itself. thanks for all the help.
krazecat, whats the benefit of converting the files to the windows player?