Okay, I have a mac and upgraded to Leopard. I notice the update in afconvert, and you can convert using a true VBR mode. iTunes uses VBR_Constrained instead.
In order to compare these to see which setting would be the best choice, I converted to both.
iTunes 256kbps VBR (max vbr setting itunes allows) outputs a 4.8MB file with 256kbps bit rate.
afconvert VBR setting at max quality outputs a 2.6MB file with a 153kbps total bit rate.
The difference in the size of these 2 files leads me to believe that this vbr_constrained setting that iTunes uses is FAR from true VBR. Im assuming that these 2 files have similar quality, but the vbr_constrained slightly better but with much less compression obviously - but I can't test because I don't know of any abx software for mac.
In comparison to a true vbr mp3 at highest quality (v0), the mp3 was 3.1MB at 148kbps total bit rate. Nothing too shocking, the AAC equivalent is smaller in size and higher quality. What surprises me is this setting that Apple labels as VBR when it is clearly not, this setting is pretty much useless.
Here are the comparisons:
MP3 V0 (vbr): 3.1MB; 148kbps
AAC VBR 127: 2.6MB; 153kbps
AAC VBR_Constrained 256k: 4.8MB; 256kbps
This is the syntax I used to create the vbr aac file:
afconvert -f m4af -d aac -s 3 -u vbrq 127 track01.wav
