VBR has a variable bit rate, and CBR has a constant bit rate. VBR takes up less space, but can cause some problems. CBR (almost) never causes problems, but is usually larger in size. I personally prefer CBR over VBR, but there are others that will disagree with me on it. I don't like my MP3 any less than 320kps off of a good source and encoder. There is no reason to sacrifice audio for the sake of space (well, not where music is concerned atleast). You will see about a 20MB difference between a CBR and VBR encode of a soundtrack on average.
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