From what I can tell in the PHP Manual, it doesn't seem like there is much difference between defining a variable variable with double brackets or double dollar signs.
$foo = 'hello';
$$foo = 'hi';
echo $hello; // 'hi'
$baz = 'goodbye';
${$baz} = 'bye';
echo $goodbye; // 'bye'
The only difference it mentions in the manual is when using arrays. Is there any other noticeable difference between the two? Which one is better for which situations?