What happens to a simple Text item in QtQuick 2 until it's visible on the screen?

Question

While trying to port Qt5 to the N900, I'm suffering a QtQuick2/OpenGL related bug. To investigate that, I'd like to now, what happens to

Text { text:"Hello!" }

until it's visible on the screen, in other words I'd like to have an explanation of the most important function calls in between (you can skip some font details, rtl related stuff or similar). It should look like that:

QQuickText::setText(QString("Hello!"))
//calls:
QQuickTextPrivate::updateLayout();
//provokes a call to:
QQuickText::updatePaintNode()
//calls:
QQuickTextNode::addTextLayout()
//calls:
SelectionEngine::addGlyphsForRanges()
...
//what happens to the scenegraph
...
//calls:
glBindTexture()
glDrawElements()
...swapBuffers()