abc - cba ----- xyz
Source: Original.
Very interesting puzzle! In the 2 (3) digit cases, everything degenerates to 9 (99) - there are no cycles. The longest series is 6 (5 not counting the final 1 or 2 digit number) in both cases (achieved by 16 different 2-digit numbers and 160 different 3-digit numbers).
[One example of each from Ross Millikan: 654->198->693->297->495->99. 35->18->63->27->45->9]
In the 4-digit case, there is one cycle of length 2: 2178, 6534. Some numbers degenerate to this cycle; all other numbers degenerate to 999, with the longest series being 13 (achieved by 173 different numbers).
[One example from Joseph DeVincentis: This would be satisfied by a number such as 3800, which follows the path 3717, 3456, 3087, 4716, 1458, 7083, 3276, 3447, 3996, 2997, 4995, 999.]
For higher numbers of digits, there are also cycles of length 2, which are
variations of the 2178, 6534 cycle:
21(any number of 9's)78, 65(same number of 9's)34 is a 2-cycle
21782178,65346534 is a 2-cycle (etc. for 3,4,.... repeats)
The only other cycle I found was a cycle of length 14 for 8-digit numbers, generated by 11436678.