I checked this with Davis Tech Support and they agreed that it would work. Today, I proved it. (Not even most Davis dealers know about this...)
Before the VP2, we had a WMII in the living room and a remote display in the headboard of the master bedroom. I wanted to do the same thing with Vantage Pro 2s.
Background
The flat phone cable between the VP2 console and the ISS has 4 wires in it. The outside 2 carry nominal 5 volts from the console to power the ISS. The inner 2 are the data. The protocol is serial RS-485. Unlike RS-232, this balanced line can be extended farther, which is why the ISS can be so far from the console. It is also inherently multi-drop, meaning that there can be units connected in the middle as well as at the ends.
There is one requirement for multi-dropping on a network like this. It has to be an electrical daisy chain (not a star) with the data pair running continuously from one end to the other. Long stubs or a star configuration can cause echoes or ringing and scramble the data.
The Gotcha
One thing Davis did caution me about was to ensure that I was using one console to power the ISS. This means that only the data pair are connected between the main and remote console(s).
How I did it.
My ISS cable runs from the ISS underground to the garage and from there to what my wife calls The Brain Room (BR), where it's punched down and jumpered to the CAT5 cable that runs to the console in the living room. Since the ISS requires only 2 of the 4 pair in the CAT5, I spliced one of the spare pairs at the jack to run the data back to the Brain Room over the same CAT5 cable.
In the BR, I punched down and jumpered that pair to a pair on the CAT5 that runs to the master bed room, which I used in the past for the WMII Remote Display. In the headboard, I connected that pair to a phone jack, and plugged the new VP2 console into it.
Note that the 2 consoles don't communicate with each other at all, so the new one will need to be configured manually (time, lat, lon, elevation, etc).
And if you really needed to, you could even install a WeatherLink in the remote console. In that way, you could even run 2 WeatherLinks, if you had a need to.
I don't know what Davis says is the max limits for distance or number of consoles on their network. I think the RS-485 spec says 4000' and 256 units.
(And I realize that wireless VP2s will do this as well. This isn't intended to be a referendum on the merits of wired vs wireless. Each has its own merits, and for various reasons I chose wired.)