Hello evanxmerz,
you're right that the algorithm is not specified anywhere.
We prepared the system to incorporate alternative distance measures in the future, so they could be used as "presets". However, for the moment the only preset available is that one.
However, using the "target" parameter of the content-based search resource (
http://www.freesound.org/docs/api/resources.html#sound-content-based-search-resource), you can somehow specify your custom similarity metrics by indicating the features you're interested in. Let me explain better. With this resource you indicate a target value for a list of descriptors, and then the system will return the most similar sounds ONLY taking into account the listed descriptors (also using Euclidean distance). You can not weight the relevance of the different features, but you can restrict which features to consider. Nevertheless, this resource is still in testing, and does not seem to work well for long lists of descriptors (specially when using the filter parameter too).
Thank you for your interest! If you have any suggestions don't hesitate to post them.
frederic