2. Add content or paint on Layer 1, doesn't matter what. Note the color values in the Info palette.
3. Reduce Layer 1 to less than 100% opacity.
The info palette still reports the color values as if this layer was set to 100%.
If you add a white layer beneath, or flatten the document, Info switches to report the actual color values.
If a just a portion of an underlying layer is not transparent (for example, select half of the underlying layer and fill with white), Info will report the correct values over the non-transparent areas, and the incorrect values over the transparent areas.
Mylenium
If this is functioning as designed then I would say it's confusing at best and dangerous at worst -- if I'm checking ink values for an image to make sure they are within print range, the Info palette should give me accurate data as to how the image will output.