There are two operational modes of VBV: Constant Bit Rate (CBR) and Variable Bit Rate (VBR). In CBR, the decoder's buffer is filled over time at a constant data rate. In VBR, the buffer is filled at a non-constant rate. In both cases, data is removed from the buffer in varying chunks, depending on the actual size of the coded frames.
In the H.264 and VC-1 standards, the VBV is replaced with generalized version called Hypothetical Reference Decoder (HRD).