i assume you cant over rev by downshifting with a tiptronic. (sorry for my ignorance- im not a car dood) Although I'm not about to say for certain, I would be flabbergasted if the computer-controlled transmission was set up to allow you to do such a thing. If that were the case, a simple sneeze and a tap of the wrong button, or maybe a misplaced thumb when looking for the horn, could result in complete engine destruction. Not very likely that Honda (or anyone else) would allow such a thing, IMO.
what happens if your cruising in 5th then decide to shift down to 2nd fast? im gussing nothing until you hit the gas where it will quickly hit the rev limiter? Depends. If you're going slow enough in 5th (say, 2,000 rpms at 90 km/h), then the tranny would shift down to 2nd for you (ending up at, say, 6,800 rpms at 90 km/h).
If you're already doing 180 km/h at 6,000 rpms in 5th, then, no, the transmission won't shift down to 2nd, no matter how many times you push the button. It may, however, shift down to 4th, but only if doing so wouldn't put the revs over the redline (or rev-limiter, depending on what the computer has been programmed to do).
my understanding is that an auto tranny will lose more whp then a manual tranny. if so, how much more on average? and where does the loss occur? (during acceleration or all the time?)
I'm no expert, but I do believe that auto (manumatic or regular) trannies are somewhere in the neighbourhood of 5% less efficient than manual transmissions. Manual trannies have a direct link between the engine & rear wheels, while an automatic has to transfer all of the engine's power through a big bucket of swirling slush (also called a torque converter

).
Compared to a manual tranny, that loss will be there whenever the engine is generating power to spin the car's wheels (i.e. whenever the car is moving).