I did a test in which I trans-coded (using libx264 encoding to .mp4) a high quality video from a Sony camcorder using the full range of preset values (except placebo) on a range of CRF values (18, 21, 24, and 27). I wanted to know what would give me the best combination of encoding speed, output quality and file size.
For each CRF value, I gave each trans-code operation a score for its encode time (e.g., for CRF = 18, preset value ultrafast's time of 5.7 seconds got a score of 1.0, veryslow's time of 162 seconds got a 0, with all other scores scaled in between). I calculated output file size scores similarly, of course giving the smallest file the best score. I then added the two scores for a "combined" speed/size score.
For each of the four CRF values, the "veryfast" preset was the hands-down winner, with nearly perfect scores of 1.94 (for CRF 18 and 21), 1.96 (CRF 24) and 1.97 (CRF 27). I find it very curious that "veryfast" produced nearly the smallest file size every time, losing only to "veryslow" and never by much.
One difference I did notice among the various preset values was that the operating system (Windows 7) would give me different thumbnails. The faster presets would show a thumbnail several seconds into the video, where the thumbnails for the slower presets would reflect the opening frame(s) of the video. That's not important for me; what I learned was that "-preset veryfast" seems to be an easy choice.
Here are my results (as a snapshot image of an Excel spreadsheet):

Here is the Excel spreadsheet as csv text:
CRF,Preset,Seconds,score,MB,score,totalscore
18,1_ultrafast,5.7,1.00,59.5,0.09,1.09
18,2_superfast,8.4,0.98,62.3,0.00,0.98
18,3_veryfast,10.8,0.97,30.9,0.98,1.94
18,4_faster,16.0,0.93,33.5,0.89,1.83
18,5_fast,24.0,0.88,36.8,0.79,1.68
18,6_medium,29.1,0.85,34.9,0.85,1.70
18,7_slow,48.1,0.73,33.9,0.88,1.61
18,8_slower,84.9,0.49,33.0,0.91,1.40
18,9_veryslow,162.0,0.00,30.1,1.00,1.00
21,1_ultrafast,5.7,1.00,38.0,0.00,1.00
21,2_superfast,7.9,0.98,35.0,0.15,1.14
21,3_veryfast,10.0,0.97,19.0,0.97,1.94
21,4_faster,14.2,0.94,21.0,0.87,1.80
21,5_fast,19.9,0.89,23.0,0.77,1.66
21,6_medium,24.6,0.86,22.0,0.82,1.67
21,7_slow,43.1,0.72,21.0,0.87,1.58
21,8_slower,69.8,0.51,20.5,0.89,1.41
21,9_veryslow,137.3,0.00,18.4,1.00,1.00
24,1_ultrafast,5.5,1.00,24.9,0.00,1.00
24,2_superfast,7.5,0.98,21.4,0.27,1.25
24,3_veryfast,9.3,0.97,12.0,0.99,1.96
24,4_faster,13.2,0.93,14.0,0.84,1.77
24,5_fast,17.4,0.90,15.0,0.76,1.66
24,6_medium,21.0,0.87,14.4,0.81,1.67
24,7_slow,37.3,0.72,14.0,0.84,1.56
24,8_slower,62.2,0.51,13.0,0.92,1.42
24,9_veryslow,121.1,0.00,11.9,1.00,1.00
27,1_ultrafast,5.5,1.00,16.8,0.00,1.00
27,2_superfast,7.4,0.98,13.6,0.38,1.36
27,3_veryfast,9.0,0.97,8.4,1.00,1.97
27,4_faster,12.6,0.93,10.1,0.80,1.73
27,5_fast,15.8,0.90,10.4,0.76,1.66
27,6_medium,18.8,0.87,10.0,0.81,1.68
27,7_slow,34.1,0.73,9.8,0.83,1.56
27,8_slower,59.6,0.48,9.0,0.93,1.41
27,9_veryslow,109.7,0.00,8.4,1.00,1.00