the thing about the brackets is on the [man]echo[/man] page. you will see in that first example block, near the middle they have
echo "this is {$bar['value']} !"; // this is foo !
thats not really whats causing the error though, it has to do with the part of the query near VALUES.
INSERT INTO " . TABLE_PREFIX . "setting
(varname, grouptitle, value, defaultvalue, optioncode, displayorder, advanced, volatile)
VALUES
("webpagevbcodeorhtml",
notice you have the quotes surrounding webpagevbcodeorhtml. thats whats messing up php.
its similar to doing
echo "hi this is a "cool quote" i like to say";
once it hits the " before cool it thinks the string is done and doesnt expect another string since its not valid in that context.