Does Cycles work with wave optics? You know how raytracers pretty much just trace geometrical rays? I was wondering if Cycles has any wave optic features, where it would act as an actual electro-magnetic wave. Some really useful features would be diffraction, Interference, and polarization. Is there a method to getting/tricking Cycles into working this way?
I don't believe Cycles simulates light as waves. But Dispersion (Diffraction) effects are on the way, and can already be 'faked' in many ways.

If you are interested in optics experiment with cycles, take a look at the pinhole camera and 
shaped bokeh.