VBR lets you create smaller files, and most of the time you won't hear any difference.
MP3 data is created in short chunks. VBR lets the encoder determine the lowest acceptable bitrate for each of those chunks independently. Any portions of the song that don't require a high bit rate can then be encoded at a lower rate to save disk space.
Typically, a VBR MP3 of music at the highest quality level will have an average bit rate comparable to between 192kb/s and 224kb/s. IOW, perfectly acceptable quality for most things.