The Phoenix Gem relic states the following:
The first time the bearer is slain, roll a die for each unit (friend of foe) within 3" of this model... If at least one mortal wound is inflicted as a result of this, then this model is not slain, but remains in play with a single wound remaining...
This is interesting, because it triggers when a model is slain, but specifically states "is not slain". I have to think that you don't continue to take any remaining wounds, as this would trigger after the shooting/fight/power is resolved but I'm not sure if it counts for abilities that trigger when a unit is slain. What are your thoughts?