How is Iridescence handled in a Path Tracer?
Iridesence can be seen in several variations: diffraction as seen in CDs and DVDs (see Stam's SIGGRAPH 1999 paper on this), phase shifting and modulation in multi-layered surfaces as you see in oilspills on water, or structural coloration as you see in butterfly wings. (Also there is the related pearlescence). However, it's not trivial in any way, probably worth a paper or two.