If you really want to know, you'll either have to PM Paul or dig through the .LVL files thread. CAMs were pulled apart fairly early on.
e: Did a bit of digging for you because homework sucks.
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Also yes, CAM files are pretty much just raw bmp's but they're in segments and each word is an RGB segment or 15/16bit colour.
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So it's not 256 colour mode but it's not true colour either, which makes sense because it's a PS port. I'll take a stab in the dark and say that it had to be stored like that to fit on a CD.