The modern lossy bitrate is far too bloated. Comparisons for mp3 Vs AAC are difficult as the average bitrate is now 250 .. 300k . Several years back the motivation of AAC and others was to provide near transparency @ 128k and better handling for problem samples where mp3 192k wasn't cutting it. Other encoders used VBR to implement these improvements. An early example was the MPC encoder which gave great quality @ 160..200kbitThings where really interesting back then on the lossy side of things - 2002 ~ 2006. The other thing is mp3 was always competitive at 192k if you don't count rare problem samples. Even then it could probably sound very acceptable and satisfy 90 something % of people . This is probably true even for the old CBR 192 encodings.Where its at today you could have just stuck it out with 256 CBR mp3 ten yrs ago , ignored any audio lossy development since and still be competitive .
To me QT AAC (-V 91 -q 2) sounds more compressed than 3.99.5 LAME (-V 2, -M j -q 0)
It doesn't matter if -mj and -q0 are there. They do absolutely nothing when using VBR.