I can't get the picture link to work (error 403), so I can't see the example.
Bryce does reflections; but can't do reflectivity (bounce light).  So you can't bounce luminosity directly; but you can show a reflection.
It can do surface refractions, but not volumetric. Index of Refraction is singular (no mapping for it, no dielectrics, etc.), and can't layer. So you can't do prismatic effects directly.
There is no photon mapping, so you can't do nephroidal caustics, just simple (and missing the reflective component).
You can do a fair simulation of diffuse inter-reflection and specular reflectance (color bleeds) via ambient channel + True Ambience; but it is not completely accurate, hard to set up, and is very render intensive.

Friends don't let friends use booleans.