The practice of rendering to a constant bit rate target or average variable bit rate target makes Vegas users feel warm and fuzzy since, at the end of the render, one might have some idea of the size of the file. Upload sites usually specify a target bit rate not a quality measurement. Less intuitive is the idea of allowing the encoder to apply bits to achieve a target picture quality based on the characteristics of the source video.
I've wondered what the bit rates would be for x264 Constant Rate Factor renders based on a "typical" type of video. I'm not naive enough to think there is a universal "typical" type of video, but I shoot sporting events where there is a lot of standing around, constant camera movement over water to follow the swimmers as well as monochrome titles that require low bit rates.
I picked a "typical" high action 06:30 (MM:SS) project, rendered it thirty-six times and plotted the resulting bit rates against the Constant Rate Factors 1-36. All of the underlying data is in this PDF.
I hope you're half as entertained by this kind of nonsense as I am.
2017-11-23 10:18 PST
Per Nick added difference Video scopes video.
Disclaimer: No ASIC hardware was used or harmed in the making of any of these videos.