[Not distributed to the Planet]

Drupal calls views_page($view, $display_id)
views_page() calls views_get_view($view);
views_page() calls $view->set_display($display_id) -- this loads the display handler
views_page() calls $view->execute_display()
view::execute_display() passes through to views_plugin_page::execute_display()
views_plugin_page::execute_display() calls $view->build() which builds the query for the view.
views_plugin_page::execute_display() calls drupal_set_title($view->get_title()) which could only be set after the view was built (titles have lots of reliance on incoming data).
views_plugin_page::execute_display() calls $view->render()
view::render() calls $view->execute() which runs the query; (note that it would not have if the view had already been built).
view::render() calls views_plugin_style::render()
view_style_plugin::render() renders each row (theme_views_view_row), then renders the rows together (theme_views_view_rows), then renders the whole view (theme_views_view);
Output is returned.