I'd never write the word "luv" in a fic, because as you say, it's not even a proper word! *g*

But we DO use "luv" as an "abbreviated"?? form of "love" and do pronounce it the way that TR does on LtM - the "u" sounding as in "under".

This is getting far too erudite. I'm trying to think of a dirty joke about dipthongs instead!