International audienceThis is the first of two papers in which we address the physics of the low-frequency Quasi-Periodic Oscillation (QPO) of X-ray binaries, in particular those hosting a black hole. We discuss and repeat the recent analysis and spectral modelling of the micro-quasar GRO J1655-40 by Sobczak et al. (\cite{Sobczak2000}, hereafter SMR), and compare it with GRS 1915+105; this leads us to confirm and analyze in more detail the different behavior noted by SMR, between GRO J1655-40 and other sources, when comparing the correlation between the QPO frequency and the disk inner radius. In a companion paper (Varnière et al. \cite{Varniere2002}, hereafter Paper II) we will show that these opposite behaviors can be explained in the con...