OK I just did a test render and while I remembered some things right, I was also wrong on other points.

Poser (PP2014) CAN do reflections of reflections. But it can't do a reflection of a displacement (as it's clear on the floor... I forgot it had THAT much displacement on it but it illustrates it well.. The ball in the mirror is NOT embedded in the floor as the "real" ball is, but the floor does have a faint reflection and the mirror reflects both the ball and the reflection of the ball once more. This is with 3 raytrace bounces.

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You just can't put the words "Poserites" and "happy" in the same sentence - didn't you know that? LaurieA
  Using Poser since 2002. Currently at Version 11.1 - Win 10.