Views are expanded before they are executed. There should be no performance penalty for any level of nested views.
If there is performance loss, it might be because the nested views are doing more work than you require. SQL Server can only optimise so far. Especially query hints or forced sort operations like select top 100 percent ...
can make a nested query slow.
My advise is to use the most readable, most maintainable alternative. If you encounter performance issues, it's early enough to consider optimising a few views!