Results of experimental studies of photoluminescence (PL) and PL excitation (PLE) spectra of MBE grown single quantum wells (QWs) formed by insertion of few CdSe monolayers in the ZnSe matrix are reviewed. PL spectra of such quantum objects originate from the luminescence of CdSe-rich nanoislands. Two types of island emitting states, namely ground and metastable ones, contribute to the low-and high-energy parts of the PL band, respectively. An interplay between these contributions is responsible for the anomalous temperature dependence of the maximum position of the PL band. The optical orientation and optical alignment experiments at resonant excitations allow to elucidate the nature of the two types of the emitting states. PLE spectra of ground and metastable states have strongly differing characters at excitation below some characteristic energy E ME which is identified as the exciton percolation threshold. A theoretical model of the absorption spectra of emitting island states is presented, and practical applications of the model for the characterization of the island lateral concentration profiles are reported.