This would be the order:
First thing to consider is the "order" of the models in your sequence. We start at the first and move down. Thus, a whole house model or group at the top would be rendered before stuff below it. This is pretty much to be somewhat compatible with V3 where we went left to right.
Within a "render unit" (either a model or model group which is converted internally to a whole house model), starting with 4.0.29, the order is:
Bottom layer going up apllying the various blend modes
Then any strand effects are rendered and blended onto it
Then any Node effects are rendered and blended onto it
Finally, the data layers have some capabilities as well, but I'm not too sure. That's a Gil question.