Ginger Grant explains several problems with nested views:
In addition to the performance reasons, there are other reasons not to use nested views. Supporting and maintaining a nested views can be a nightmare. If there is an issue with the accuracy of the data, finding the problem is just that much harder. And what about when you go to fix the problem? Then you need to test all of the places the view is called. I worked with some code recently where a view was created on a set of data just to create 3 new values based up 3 case statements. That view was nested many levels below where the field was actually called. I know people from a development background look at nested views as modular development. Don’t. TSQL is not the same as object oriented code.
Read the whole thing. She also has helpful links digging further into the topic.