Dear all,
  I've been spending a bit of time walking through the Portage code so
that I could have a better idea of what goes on when one types "emerge"
or "ebuild".  I've put together enough information that I decided it was
worth making it public, at http://www.gentoo.org/~g2boojum, although I
by no means guarantee the validity of any of my statements there
(especially true since portage is a moving target).  Please feel free to
e-mail me with any errors, additions, or corrections you might have.

Best,
g2boojum
-- 
Grant Goodyear <g2boojum <at> gentoo.org>