Looking for details on OSC over USB

I'm starting to play with OSC over a USB port, and I have a couple of questions.

I have the lighthack USB test program working on Arduino, and the EOS software sees it fine.  

As far as the PC is concerned, the Arduino is just another COM port.  I didn't configure anything in EOS to tell it which port to use.  How does it know what port to use?  Does it try to open all COM ports?  Does it look for a USB connected COM port?  Does the communication have to use SLIP?  What are the baud rate limitations?

If someone can point me to documentation that would be great.

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