CBR stands for constant bit rate and is used for regulating the amount of H.264 video bandwidth used by the camera. It works in conjunction with the Bitrate value, which represents the maximum bandwidth allowed.
The lower the Bitrate value, the less bandwidth use and the more compressed the video may become. The quality value is the initial quality setting in CBR mode. Depending on the resolution, frame rate, motion in scene and bitrate selected, the quality will adjust.
VBR stands for variable bit rate. The quality remains constant while the video bandwidth fluctuates based on the amount of motion in the scene.