Well, MPEG2 compression was designed to fool the eye on video (the way the jpeg does with stills.)
But titles? Especially moving titles? Tim's dead on - it's the extra details.
WIth VBR, the encoding is 'robbing peter to pay paul' and actually peaking higher than the average bitrate. Which is what VBR is meant to do.
Althought at that high of a bitrate, I'm surprised theres a problem.
Best,
Jeff G
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