QUOTE (psycho @ Aug 7 2009, 22:12)

... The fact that -V 0 goes as high as 320 kbps for "complex" frames, suggests that it potentially can cope with those "complex" frames better than any CBR mode lower than 320 kpbs can... With this logic, -V 0 beats any CBR mode, except arguably 320 kbps. ...
This is a theretical consideration, and as such it is not correct.
Because of the bit reservoir there is no direct relation between frame bitrate and audio data bitrate. CBR 256 can have a very high audio data bitrate at problematic spots because it can use bits from the previous frame. On the other hand the bits available for audio data purposes within a 320 kbps frame can remain unused at critical spots. In fact because of a certain compatibility precaution for mp3 playback with WMP and due to some inaccuracy in the mp3 specs regarding the audio data capacity of 320 kbps frames current LAME doesn't make full use of the audio data capacity of 320 kbps frames. The latter fact is the reason why the lossless mp3packer procedure reduces filesize of CBR 320 or very high bitrate ABR encodings significantly. mp3packer has the same positive effect on the 320 kbps frames of VBR encodings. (BTW no problem is known for mp3packer improved Lame encodings, even for WMP.)
Which doesn't tell about quality, but shows that a simple frame bitrate based theoretical discussion doesn't help.
With a good VBR implementation as done with 3.98, -V0 is expected to usually yield the better quality compared to CBR 256 in those rare cases that there is an audible difference between -V0 and CBR 256. It may not be so in every such situation.
As long as ABR and CBR mode is implemented correctly CBR 320 and very high bitrate ABR (for instance shadowking's ABR 287 -h setting) are expected to usually yield the better quality compared to -V0 in those rare cases that there is an audible difference between -V0 and CBR 320 resp. ABR very high bitrate. It may not be so in every such situation.
There had been some suspicion that CBR and ABR mode aren't implemented fine with 3.98, but there has never been real evidence for this IIRC.
/mnt gave a sample recently where -V0 failed but ABR 287 suuceeded, and shadowking made the same experience.
It always comes to the point where to put the sweet point, and this is a very personal decision.
-V0 is so good that not many people really need a better quality setting.
On the other hand with today's storage technology even on DAPs many people nowadays and more so in the near future don't have to care about file size and can afford the best quality mp3 can offer.
Moreover because of their robust quality headroom CBR 320 and very high bitrate ABR are kind of an insurance against situations where the implemented psy model fails unusually badly. This was the case for 3.97 for the sandpaper noise problem and for all versions prior to 3.98 with the trumpet sample. -V0 was real nasty in these cases because VBR heavily relies on the psy model which failed here, and CBR 320 or very high bitrate ABR improved things a lot. No such failure is known for 3.98, looks like 3.98 -V0 is robust against nasty results.