http://news.cnet.com/8301-13772_3-20068109-52/new-technology...
http://news.cnet.com/8301-13772_3-20068109-52/new-technology...
[1] http://www.slashfilm.com/cool-stuff-a-look-at-pixar-and-luca... [2] http://jalopnik.com/5813587/12500-cpu-cores-were-required-to...
It sounds a bit like the n-body problem, which has parallel approximation algorithms, but nothing terribly straightforward.
In another way of thinking about it, raytracing simulates photons. Photons don't interact with each other, so the problem of simulating photons is massively parallel.
But I'm just guessing about all this.
So you don't have to simulate the same photons lots of times for different parts of the frame. You just simulate the photons that will eventually end up in a certain part of the image.
There are a lot of other things going into each scene other than just the rendering (storyboarding, animating, lighting, etc) so it would be silly to wait for the entire film to be done and then render all at once.
Also the 11.5 hours is the average time. Single frames could take up to 80 or 90 hours to render according to that article.
So as for how many they do in parallel that would be very interesting to find out, but I would guess possibly all the frames devoted to a single scene so that would be around 5,000-10,000 frames at once which seems somewhat reasonable considering they have 12,500 cores.