I decided to do some tests. I tested CRF first. I set CRF to 40 (so I could get a good amount of artifacts for comparison), then ran ABR three-pass using the same average bitrate, which came out to be 334Kbps. The left frame is CRF, while the right is ABR three pass. All other settings are identical.
The quality difference speaks for itself. Note that CRF isn't like this the whole time. This happens after the background flashes white, and it tends to look like crap for the next 10-20 frames. It also doesn't get the benefit of analysis that multi-pass encoding does, so the encoder logo, for example, suffers visually. In fact, most of the video tends to suffer visually. The background also tends to "shimmer" in CRF, while the ABR encode manages to maintain background quality throughout the video.
I really can't recommend CRF after this.
EDIT: I re-ran the test using CRF 40 on the newest x264 binary, and the resulting bitrate was much lower (94.75Kbits). ABR three-pass with similar bitrate ended up with very similar if not identical quality.