No, I hadn't heard of it before your comment! Please no one tell the physicist David Mermin about this, or he'll picket the group with his long-running campaign to change the spelling of qubit to "Qbit." :-)

Is it pronounced kew-bit or kuh-bit or kwu-bit?

"cue-bit." I.e., the name of the letter Q, followed by "bit."

Depends on how you pronounce 'Q', I guess...