No, I actually got it direct from Stewer (Stefan Werner) that the Raytrace Bounces slider is controlling GI bounces as well as reflection depth (meaning, it goes up to 12, plus or minus one depending on what Bagginsbill was saying earlier about the exception made for GI bounces).  He said this was a design decision - hopefully they change the design and separate these functions, because it really makes no sense to keep them on the same setting.

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