Glossy Transparent material is some kind of "rough" glass, like milky glass.
the lower the exponent, the less the less you can actually look through it.
here the right grey glass ball is using a glossy transparent material:
DaveC wrote:Precedence is not related to IOR. Precedence is simply the priority given to the medium over other mediums sharing the same space. If water and glass are in the same space in your scene and water has a lower precedence (or priority), the glass gets rendered. So, as long as the glass has a higher precedence than any medium it is inside of, it will be rendered properly.
If it is inside a smoky medium which has a precedence of 3, for example, the glass must have a precedence of greater than 3.
IOR will control the reflections.
In theory you are totally right dude, it should only manage the hierarchy of materials!!
but try some experiments for glass using different Precedence numbers, and you'll see the difference!