Two 301 redirects?

I was just curious if doing two 301 redirects would have a bad effect and/or confuse the google bot?

Example:

User clicks on banner link -> gets sent to tracking page, which does a 301 redirect -> gets sent to another tracking page, which does a second 301 redirect to the main page....

Not really sure... Is the first tracking page it sent to an external website? So for instance:
domain.com is the one with the banner. You click on that and get sent to: domain.com/visit/website.com/ which then goes into their stats package and then 301s to your own tracking page, so for instance website.com/tracking/domain.com, and then is redirected to website.com...

If this is the case then i cant see it confusing google, unless the pages are not able to be followed because of a robots.txt or a meta "no follow" tag. But the thing is that the link itself may not be given all the weight it could get if it was static. in general affiliate links do not get much weight due to them normally being advertising so google doesnt feel they should. A link inside some relevant text with the anchor text and no affiliate code is the best link you can get because it will pass ultimate value. This is because to google, it is a natural link.

With two 301 redirects it could work if the static link has no affiliate tracking, so for instance the link on domain.com is just a static link to visit/website.com and that just puts a hit in their stats software and still is a static redirect (with no affiliate ids etc) to /tracking/domain.com, and the same thing happens i think it could indeed give the full weight of a text link.

But then google will see the banner anyway so might not be worth it. Might be for text links etc.

hi!

i think ive done something similar. the main website does not possess the keywords, so two keyword friendly domains link over to the mainsite. however, both sites possess 'valuable' content, as both differ from main site...

jimmy