The bitrate is only a target.  If you use single-pass encoding, the codec
will attempt to match the bitrate, but if it encounters a segment that uses
more bits, it'll hope that it can make it up later.  But if the keyframe
interval is too low or resolution is too high, it may never be able to, and
it'll run over.  With 2 pass encoding, the codec has a better understanding
of where to distribute the bits over time, but it still may not be able to
meet the target if the keyframe interval is too low.  For example, setting a
keyframe for every frame will likely cause the codec to go way over its
target bitrate.  There are often lower limits on the size of keyframes
(based on the resolution), to maintain a minimum of quality.  Imagine if you
jpeg compressed a 640x480 image with jpeg quality 1.  It would be so blocky
that it would be unacceptable.

You will often find that a codec is both tuned for a particular bitrate (and
frame size), and that the underlying codec algorithms have a minimum bits
per pixel below which they won't go.  For example, if you're encoding HD
resolutions, you'll need to be able to handle much greater motion (in terms
of pixels moved per frame) than if you're encoding the same source scaled
down to 160x120.

--Brian
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