Again, I'm no expert in composite failure modes, but nothing I've seen would stop me from riding my Chiner frame. There is a lot of info out on the web, but it can be tough to sift through and find anything relevant. It may be describing a completely different process than making bike frames, but this paper has a few pictures of broken test bars-
http://www.scielo.br/scielo.php?pid=S1516-14392005000100016&script=sci_arttext - the loading method has a big influence on what the fracture looks like as well as the layup. Particularly interesting (to me, anyway) was the conclusion-
"In general, the flexural and shear tests showed that the matrix type caused greater influence on the mechanical properties than the carbon fabric arrangement type. The F584/PW and F584/8HS laminates showed the highest flexural strength values than the F155 epoxy ones. This behavior is attributed to the higher toughness of the F584 matrix, which was modified with a thermoplastic"
Which makes sense, since the fiber is so much stronger than the matrix the overall strength depends on how well it holds together. I guess instead of talking about the carbon fiber the bike companies should talk about their new toughened epoxy resin, but that doesn't impress people like "Ultra Super High Modulus Carbon Fiber".