I doubt it.. its in digital information, 0 or 1.. rewriting a CDRW a number of times wouldn't degrade the audio at all... Bits are Bits... Itll either sound exactly the seame, or not work at all... or just skip and stuff, but it wont degrade.
The CD-RW itself cannot be rewritten forever. They do "wear out" for lack of a better term. The problem though is that a burn that didn't work my still be "playable"
I'm not sure if you are referring to normal cd's burned from mp3's or a cd filled with mp3's. in the first case, I've had disks that play and then get BAD chirping mid track. In the second case I've had disk where the MP3 player just cuts-out or moves on to the next track, or gets into a loop.
Either way, if you're not sure of the disk, run a verify pass, and no problem...