...... I tried with the settings on VBR and the bit-rates you can see above.
Playback on the PS3 showed that the CBR encoded disc was playing back at around 24,000kbps, and the VBR encoded disc varied from around 20,000 to 35,000kbps.
I saw no difference in the picture quality on playback.

Then it is time to import your Quick Time Reference files.
You only have to select the xxxxx.mov file (In the case of this screen shot - "GEYESyasaiff.mov" ) and the audio will follow along automatically. (No need to select both files for import).
Then begin authoring your material..........................

At this point Liquid users will be importing their fused .m2v and .wav files.
In this case both the .m2v and .wav need to be imported