Multifield reference field renders only first instance on rendered view display

I have several content types with node reference fields. The latter are set to multiple (unlimited) values. Everything works fine and all the referenced nodes show up fine when the display in CCK is set to 'link'.
However, since I have some deep linking between the nodes, I want this reference to be a 'Rendered view' display.
Then, only the first instance of the field is actually displayed in the view.
I would expect each instance to render in a different views block, as a set of different parameters iterated in the display type.
How do I achieve each instance to display in its rendered view form in CCK? Am I missing something?
I have been struggling with this issue for a while now.