Visual Evoked Potentials (VEPs) are used in clinical applications in ophthalmology, neurology and extensively in brain computer interface (BCI) research. BCI literature covers steady state VEP (SSVEP) and code modulated VEP (c-VEP) BCIs along with sophisticated methods to improve information transfer rates (ITR). There is a gap of knowledge regarding the VEP adaptation dynamics, physiological generation mechanisms and relation with BCI performance. A simple dual display VEP switch was developed to test signatures elicited by non-isochronic, non-singular, low jitter stimuli at the rates of 10, 32, 50 and 70 reversals per second (rps). Non-isochronic, low-jitter stimulation elicits Quasi-Steady-State VEPs (QSS-VEPs) that are utilized for simultaneous generation of transient VEP and QSS-VEP. QSS-VEP is a special case of c-VEPs and it is assumed that it shares the similar generators of the SSVEPs. Eight subjects were recorded and the performance of the overall system was analyzed by means of Receiver Operating Characteristic (ROC) curves, accuracy plots and ITRs. In summary QSS-VEPs performed better than transient VEPs. It was found that in general 32rps stimulation had the highest ROC area, accuracy and ITRs in general. To investigate the reasons behind this, adaptation dynamics of transient VEPs and QSS-VEPs at all four rates were analyzed and speculated. Moreover, QSS-VEPs were found to lead to higher accuracy by the template matching compared to SSVEPs at 10rps and 32rps.