[chriscu1]

Assuming you use the same encoder (we'll say LAME, that's what I use) and just do constant rate encoding, is from CD to 192 the same as going from CD to 320, then taking the 320 and converting to 192?

 

[K2Grey]

No, CD -> 320 -> 192 will be worse than CD -> 192. I believe it's a goal of some encoders to have "peelable" compression where the two are the same, but it's not a reality right now.