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I thought the whole idea of VBR is that it averages out, using extra space for high bandwidth frames and compensating by using less elsewhere for more compressible frames. The encoder I use allows you to specify an average bitrate, and also as an option to pad out any regions that compress extremely well and would cause the average bitrate to drop significantly (important for media which may have a minimum output rate such as a DVD disc). If you tell it to do 500kbps VBR then the output file size will be very close to that of 500kbps CBR.
Even the text that BobG quoted "against" VBR says that it produces the most favourable results.
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