I dont have any experience with step up (or step down depending on how you look at it) rings so let me just start on that note.
I have been wanting to get a B+W MRC Kaesemann Circular Polarizer (CPL) filter and was just looking at them on hvstar.com (which seems to have the best prices and comes highly recommended by many of you here) and while I was shopping I just had the thought: "hey what if I could use one filter on all my lenses regardless of size!?".
I intend to get the Canon 16-35mm f/2.8L II someday soon which has an 82mm filter size, would it be a good idea to get the 82mm B+W Kaesemann MRC Slim CPL and then an 82mm to 77mm step down ring to use it on my 70-200 and 24-70 and then when I want to use it on my 50 and 100 add to that an additional 77mm to 58mm step down ring? Then I would have the slim 82mm for the wide angle lens, and step down rings to use that filter on all my other lenses.
Would this even work? Would the two rings push the filter too far away from the end of the lens and then will it possibly show up in the images on the 24-70 or maybe the 50? Would it be too impractical having a huge 82mm filter on the end of 58mm filter size lens? would the polarization still be effective on a 58mm filter size lens even though the filter is 82mm (I dont see why not but just asking to make sure Im thinking of everthing)? I realize that I wouldnt be able to use lens hoods with anything other than the 16-35 as the step up rings on the smaller filter sized lenses would prevent that, but does one ever use a lens hood when they have a CPL on (how would you be able to adjust the circular part)? Have a I ask enough questions for everyone to get the point? 

