This is a fairly simple shader I created in response to this thread:
Unfortunately, I do not know how to create a background shader that uses alpha blending to blend with the same background. This merely reflects the background- but thats still pretty handy.
If anyone with the technical knowledge knows how to blend a background (ie to make this object semitransparent) please, feel free to alter this shader and post it up!
Ratio of 0.0 to 1.0 of the image to be reflected. Only one side of this line will be reflected, proportional to how far down it is- in the exact middle (0.5), it creates a 1:1 reflection, whereas at say 0.75, it will be a 3:1 reflection
Changes the direction of the reflection.
0 = Bottom
1 = Top
2 = Left
3 = Right
(Put the effects in your "MMF2/Effect" folder, and then you can access them inside your project. You will need to put the effects in that folder in order to open the example file)