Chris White (of White Labs), and Jamil Zainasheff write in their 'Yeast: The Practical Guide to Beer Fermentation' book:
"A number of homebrewers have adopted the practice of transferring the beer from a fermentor at the end of fermentation and then adding a new batch of wort on top of the yeast cake. This is bad practice. Can the practice make good beer? Absolutely. Will it make the best beer possible? Absolutely not." (page 164)
They go on to describe how the yeast cake is not at its healthiest; it's mixed with dead yeast, trub, and most importantly -- it's yeast that has finished fermenting, and has made itself suitable for living under finished beer, not wort. Yeast in this state are not actively growing -- you want yeast growth for the flavors the growth process gives to the beer.
They recommend rinsing and preparing a starter with an appropriate pitching rate, using the collected yeast from the cake. This brings the yeast into full growth mode, and you get better fermentation.