Rory,
I'm really glad you asked this question. This is the the number one most confusing, counterintuitive behavior in NodeBox I've encountered, and the tutorial on subnetworks makes no mention of it. I will share what I've puzzled out so far, but I hope someone from the NodeBox staff will give a more clear answer.
Like you, my intuition is that simply encapsulating a group of nodes into a subnetwork should not change its behavior, but about 25% of the time it does. This behavior is tied to another poorly documented and well hidden feature: the port range setting inside the metadata dialog. Here is a magic trick it took me many painful weeks to discover...
I recreated your example: an import_csv node hooked to a lookup node hooked to a slice node. The lookup node returns an 8-item list and the slice reduces that to 4 items. So far so good.
I simply group the lookup and slice into a two-node subnetwork and surprise! Now I have 8 rows again as if the slice is not even there any more. Very strange.
Here is the magic trick. Select your crippled subnetwork and click the Metadata button on top of the port pane. On the left you will see that your node has a single input port: list; click "list". A bunch of settings should now appear in the right half of the dialog. The fifth from the top, "Range", is set to "Value". Change it to "List" and Hit OK.
Voila! Problem solved.
For some reason (which I'm sure Frederik can explain), you need to tell your new subnetwork to accept a list, not a value. This seems odd to me given that the original Lookup node has, and still has, its list node set to Value. In fact, if you change the Lookup's list node to "List", before or after encapsulating it, it will stop working altogether. You have to change the network node metadata, not the nodes inside it. Why Value works for the Lookup but not for the network I do not understand.
I have struggled with this but still do not fully grasp the difference between List and Value, and when you need to change it. A brief explanation of that would be a huge help to all of us struggling apprentice NodeBoxxers.
John