
i encoded a track the other day and started playing around with the q value. here's what i found with my equipment:
3.90.3 [razorlame]
-V 2 -q 0 2m5s 7.68MB[7866KB]
-V 2 -q 1 2m5s 7.68MB[7871KB] *
-V 2 -q 2 1m39s 7.67MB[7863KB]
-V 2 -q 5 1m6s 7.59MB[7780KB]
-V 2 --vbr-new -q 0 1m50s 7.98MB[8174KB]
3.92 [encoded thru cdex]
-V 2 -q 0 2m22s 7.70MB[7894KB]
-V 2 -q 2 1m50s 7.70MB[7890KB]
-V 2 -q 5 1m15s 7.62MB[7812KB]
-V 2 -q 9 1m15s 7.62MB[7812KB]
-V 2 --vbr-new -q 0 1m17s 8.01MB[8212KB]
-V 2 --vbr-new -q 5 1m17s 8.12MB[8316KB]
3.96.1 [razorlame]
-V 2 -q 3 2m5s 6.95MB[7121KB]
-V 2 -q 4 2m5s 6.97MB[7147KB]
-V 2 -q 5 2m5s 7.08MB[7257KB]
3.97 [BluRazorLame]
-V2 -q 0 2m35s 6.97MB[7139KB]
-V2 -q 1 1m48s 6.97MB[7142KB]
-V2 -q 2 1m35s 6.98MB[7156KB]
-V2 -q 3 1m35s 6.98MB[7156KB]
-V2 -q 4 1m40s 7.00MB[7179KB]
-V2 -q 5 1m40s 7.12MB[7297KB]
-V2 --vbr-new -q 0 1m20s 8.32MB[8527KB]
-V2 --vbr-new -q 1 1m32s 8.32MB[8527KB]
from what i can gather, the 3.90.3 and 3.92 compiles behave in about the same manner for this .wav file. the 3.92 creates a slightly bigger file size than the 3.90.3 but it is quite marginal. both produced smaller filesizes as i raised the q value when using --vbr-old. on the other hand, when using --vbr-new, the files increased in size as the q value went up towards 9.
the 3.96.1 and 3.97 both create much smaller[bout .5 MB] file sizes than the previous two when using --vbr-old, but when raising the q value towards 9 the file sizes increased. this increase took place whether using --vbr-old or --vbr-new.

One would assume that when increasing the quality setting the file would end up smaller. not the case with this particular .wav file. i found some of these "read me's" in some of the downloadable compiles here
RareWares* -q 0..9 algorithm quality selection
Bitrate is of course the main influence on quality. The higher the bitrate, the higher the quality. But for a given bitrate, we have a choice of algorithms to determine the best scalefactors and huffman encoding (noise shaping).
-q 0: use slowest & best possible version of all algorithms. -q 0 and -q 1 are slow and may not produce significantly higher quality.
-q 2: recommended. Same as -h.
-q 5: default value. Good speed, reasonable quality.
-q 7: same as -f. Very fast, ok quality. (psycho acoustics are used for pre-echo & M/S, but no noise shaping is done.
-q 9: disables almost all algorithms including psy-model. poor quality.
* --vbr-new new VBR mode
Invokes the newest VBR algorithm. During the development of version 3.90, considerable tuning was done on this algorithm, and it is now considered to be on par with the original --vbr-old.
It has the added advantage of being very fast (over twice as fast as --vbr-old).
"fast" -
Enables the new fast VBR for a particular profile. The
disadvantage to the speed switch is that often times the
bitrate will be slightly higher than with the normal mode
and quality may be slightly lower also.* --vbr-old older VBR mode
Invokes the oldest, most tested VBR algorithm. It produces very good quality files, though is not very fast. This has, up through v3.89, been considered the "workhorse" VBR algorithm.

these text files seem to clear it up a bit for me i think. apparently in layman's terms when u lower the quality [raise the q value] the encoder starts slinging bits whether it's actually needed for better quality or not. vbr new just seems to make bigger files, whether the quality is better i know not. the exception to this was the two older encoders while using --vbr-old. they maintained and actually lowered the file size as u raised the q value [lower the quality]