VBR is the way to go if your playback hardware will support it. VBR uses the highest bitrates for the most complex passages, scaling it back where a low bitrate will suffice. The result is a better sounding track & a smaller file.
Most of the CD & DVD players I own will play back a VBR but the time indicator is all screwy.
No matter how high the bitrate, though, I don't think it sounds like the original. Maybe for casual listening, but the music is more fatigueing over time, and acoustic stuff particularly just doesn't sound natural. The sound is also a little edgey. But I'm no expert on codecs, and maybe there's a lot better encoders out there that I haven't tried yet. Ultimately I don't need codecs, either. For me it just something to mess around with.