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The OPV quality is going to be similar to the multiple pass encoding -- no matter what Q is selected. The Q is selected based upon what is needed to meet output size requirements. What you'll find is that if a Q is high, the quantization in a multipass encode will also be high.
The downside to OPV is it's limited output size accuracy. When you do a prediction, you are doing a "best guess" as to what Q is needed to meet sizing requirements. It works a lot like multipass -- but multipass does a 100% first pass (making the output prediction very exact) -- OPV does a series of 2% passes, making output prediction less accurate. Where OPV gets tough is in the granularity of setting Q factors. When Q factors get smaller, single increments can make extreme differences in sizing... so it may not be physically possible to get close to the target size. In that case, multiple passes will probably do better -- because it utilizes that lost space. Some people get around that by doing a different Q prediction for each segment -- making sizing accuracy a little better. But in my opinion that also detracts from the quality of playback -- because you will notice quality differences between the segments. Ideally the entire movie should be encoded with the same Q.
It's a trade-off... accuracy in sizing for encoding speed. For those people who get wrapped around the axle over a couple hundred wasted megabytes -- OPV is probably a bad idea. It isn't unusual at all to get a 4.10GB output size for an OPV DVD. Frankly, though, the true visually noticable effect of that unused space is pretty insignificant.
You often hear the comparisons of OPV to multipass and which one is better to use. The bottom line is: It depends. It is safe to say that OPV is never "better" than multipass. That's because in multipass the encoder looks at the entire stream and determines what is the best quality (or Q in CCE terminology) that can be attained within the space available. It then on second and subsequent passes distributes bits accordingly.
But it is true that OPV can be just as good as 5 passes... DVD-RB does a prediction pass analyzing 1% (by default) of the source and decides which is the highest Q that can be used with the space available. OPV then holds that Q for the entire encode using whatever bitrates it needs at the places it needs them. If that Q is highest you can get -- it's the highest no matter how many passes you do.
OPV's weakness is that the accuracy of the DVD-RB prediction is limited, and you could end up undersizing. Also, OPV's Q setting is an integer value limiting its granularity. So if it comes up with a Q of, say, "5" -- then the stream will be encoded at a Q of 5. That might make the output a little small, but is the best that can be done because a Q of 4 may make it too big to fit on a DVD-R. Multipass, on the other hand, allocates bits based upon demand across the entire stream, so it's entirely possible it could create the equivalent of a Q of 4.795 (or any other value between).
I personally use multipass and do 2 passes, and for sources that are challenging (e.g. long movies) I do 3 passes. Every pass above 3 has continually shrinking effect. Cinemacraft says 4 passes is pretty much the end of any noticable improvement. But when you have lots of time and want to make a perfect disc... no harm in doing as many as you want.
I use OPV when I'm in a hurry or when the movie is obviously not very difficult to compress. On my computer a complete DVD-RB OPV run takes about an hour and a half.
Hope that helps.