Nope, nothing will be cached, since in order to be cached it would have to appear in something that was parsed before the non-cacheable passes begin. Once parsing is delayed to this point via the highest level non-cacheable tags, i.e. [! !], no further content is processed for storage in the cache.
Please can you tell me what actually happens when I put a cacheable snippet call within a non-cacheable snippet though? Does anything get cached?