nAo - what about storing N hits, each in a separate tile sized texture, then rendering the tile N times with these textures as input (Nth hit to 1st) and blending results? Something a little different would have to be done for surface to light rays...
The most interesting thing about raytracing to me is how dynamic scenes/animation are handled. (I couldn't help noticing how skimpy the saarcor videos were in regards to animation).
IIRC saarcor is using a static kD tree for scene geometry and tracing a separate kD tree, rebuilt every frame, for the dynamic stuff.
I'm not saying I have any better ideas, but this falls down if lots of things are moving around. It also doesn't really address the issue of what to include in the dynamic kD tree. How do you decide whether a dynamic element (character, water surface, foliage moving in the wind) no longer needs to be animated (AI + physics -> skinning, etc...)? I guess you could trace against bounding boxes for dynamic elements and lazily animate on bounding box hits, but ... I dunno, I just haven't heard anything that convincingly addresses the problem.