It depends on how you set VBR bitrate, 128-320, 192-224, 192-320, etc. If you set bitrate at 192-224 and the music quality your ripping might go as high as 320, you loose a little something. If you set VBR at 192-320, then overall quality stays and the file size is smaller then CBR 320. With hard drives as big as they are now and broadband internet as fast as it is now, size probably isn't a factor to many anymore. I myself don't mind the bigger file size of CBR along with better quality. Just my way of thinking.
I've been reading all over, the differences between CBR (constant bit rate) and VBR (variable bit rate) regarding mp3 encoding. I'm fairly certain I understand each individually. I'm clear on how each works and the advantages and disadvantages of each. I have been reading that VBR is the way to go when it comes to quality. What I'm unclear about is the differences between bit rates. I mean when is VBR better quality? I see VBR Mp3 files labeled anywhere between 192-224 VBR all the time. Those seem to be the most common. Wouldn't encoding 320 CBR always produce better quality sound than the same song encoded in VBR? I've read VBR sometimes doesn't always decide what bit rate is the best for any given segment. And VBR can occasionally produce artifacts.

Chowhound
Comic Vine
GameFAQs
GameSpot
Giant Bomb
TechRepublic