QUOTE (spikeh @ Jun 10 2006, 17:17)

I'd like to transcode some high bitrate MP3s, which are usually -V 2 --vbr-new but there are a few even higher ones among them. Can I transcode them to a lower bitrate VBR (-V 5) for portable listening without suffering TWO quality losses, one from the reduction in bitrate and the other from transcoding?
No, you can not.
You lost bits of information when you encoded to MP3 the first time, and you will loose additional information when you use transcode this file to a new lossy one.
QUOTE
Is it alright transcoding from CBR to VBR, providing the CBR has a higher bitrate than the VBR?
That is totally up to you to decide. If the decreased filesize are worth the additional decrease in sound quality.
In both cases you better use a lossless source, like the original CD.