MC uses L.A.M.E. for MP3 encoding. If you are picky about the encoding options, you can geek out and use the custom command line switch to specify exactly how you want encoder to process the files (
http://lame.cvs.sourceforge.net/viewvc/lame/lame/doc/html/detailed.html). The WIKI article is way out of date on this. It would be nice to have current documentation on what version of LAME is being used and what the target quality settings are actually doing from a parameters standpoint.
Personally, I switched to APE then later FLAC years ago and only use MP3 now for portable listening. I use the default 'normal' setting in MC, and have not seen any reason yet to change that.
Depending on the parameters used, LAME shoots for a target average bit rate with VBR - but the final average bit rate is very dependent on the content.
FYI - looking at recent files done by MC with the 'normal' setting I am seeing the following info in the file:
Writing library : LAME3.99r
Encoding settings : -m j -V 4 -q 0 -lowpass 17.5 --vbr-mt -b 32
Per the -V 4 it is shooting for an average bit rate of 165. Looking at two tracks: a mono Beatles track came it 91 while a high res FLAC from Linn (from their latest 24 bits of Christmas) is at 166.