So I think we have the uneducated masses that complained incessantly after the iTunes 7.5 update to thank, but as of iTunes 7.6, iTunes no longer shows the actual bitrate of AAC files it has encoded, instead returning to the old method of displaying the "based" bitrate selected (regardless of encoder settings), i.e. files encoded as AAC 128 VBR again display as being 128 kbps CBR despite that they are still being encoded as either ABR or VBR_constrained.
Unfortunately, it doesn't look like Apple did anything to tweak how the new encoder handles high frequencies at 128 kbps VBR, so I'll be continuing to avoid using this new encoder.
*sigh*
