If you have specified "No limit" as the user max bitrate and player max bitrate, then the transcoding bitrate used will be 128 kbit/sek. - Thts a bit odd.
If either of the limits is set, then the smallest of those will be used. - That is correct.
I thought that maybe 320 kbit/sek would be the natural bitrate in the case of no limits is set, but there might be a reason for why that is not so.
Maybe a global bitrate setting for transcoding should be possible to specify in the advanced menu? Then that could be used if none of the others is set.
It might of course be that there is something I have overlooked and that there is no problems here.