VA to watts
In simple terms VA=Watts. P=EI so 5/24=.2083 or 208.3Ma.
Usually in AC circuits that have reactance one has to take into consideration is the phase angle. So we would multiply the Ma times the cosine of the phase angle.
Careful with that necromancy, this thread is over ten years old!
Anyway, my trusty calculator tells me that 40W/16.5V=2.42A. Why do you think it should be anything else than that?
If you want it in milliamps, then it becomes 2424 mA, definitely not 242mA.
You could try actually weighing it, from what I found with a quick crawl on farnell one was around 700g, which is about 1.5lb for those who prefer obsolete units.
OK, for the 16.5 VAC transformer label rated 40VA, the weight on accurate digital scale is 1,45 lbs / 658 grams, which appears right in the same expected ballpark as you previously mentioned.
So in actuality, that's not too "heavy" of a weight, especially when expecting ability to provide 2.0 to 2.42 amps..
Thank you again for the expertise and discussion.
Joe / Knoxville, TN