VBR/CBR question

Will encoding using Variable Bit Rate with a minimum of 8kbps and a maximum of 128kbps produce the same sound quality as encoding using a Constant Bit Rate of 128kbps? The more complex parts will still encode at 128kbps so there should be no loss of quality and the less complex parts will encode at the maximum level needed, right?

Jam it back in, in the dark.

I've set the max at 128kbps because I need smaller files but don't want a significant reduction in quality (Which encoding at CBR less than 128kbps would give).

There's nowhere I can't reach.