CBR results in more consistent bandwidth usage (fewer/smaller spikes), but consequently uses much more bandwidth and has very slightly less video quality. VBR has higher variations in bandwidth usage, but overall uses less bandwidth and has slightly better video quality.
Personally I still stick with VBR for a number of reasons:
* You can't use CBR and CFR together, and you have to use CFR to make sure your recordings can be opened in a video editor
* Most people can view my stream fine with VBR as far as I know
* I have transcoding options on my channel, so if my 720p+ is too choppy, viewers can reduce to 720p or lower, which is transcoded at CBR (alas, most streamers don't have this option)
* When I use CBR, my stream tends to get the effect of missing keyframes here and there, so the beginnings of VODs and when people first open the stream, it looks green and blotchy for several seconds before fixing itself. It just looks bad.
I might experiment with CBR more later, but I still haven't been convinced I need to change.