What is the MEV arbitrage strategy?

Could you please explain the concept of the MEV arbitrage strategy in detail? I'm particularly interested in understanding how it works and the potential benefits and risks associated with it. As a cryptocurrency enthusiast, I'm always on the lookout for innovative strategies to optimize my trades and maximize profits. So, could you walk me through the ins and outs of this strategy, including how it differs from traditional arbitrage techniques and the specific circumstances under which it's most effective?