Just wanted to throw an additional "complication" in this: strand and node effects are all rendered AFTER the normal "bottom to top" rendering of the model. They are displayed below the normal effect layers, but are rendered after. Thus, the rendering of the model is done like:
1) The effect layers, bottom to top
2) The strand layers (if they have effects on them), first strand to the last
3) Each node, first to last (if they have effects on them)