That's exactly the power of x264. Many blu-rays are created with a higher bitrate to keep the details than is actually needed. From what i understood long time ago, bdrb first tackles this by taking small clips and finding out what bitrate is REALLY needed to keep details and strips the redundant ones, that change alone reduces file sizes considerably. If the file is then still projected to be too large for the destination, only THEN does it actually recode it.
BDRB uses a system of variables to determine if 1 pass or 2 pass is needed for best results, what type of quality setting will suffice. That's the beauty of x264. It can compress a full sized BD50 down to DVD 5 / 9 size with relative minor quality loss.
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