The script allows you to modify opacity and depth and comes with three different ways of passing images to the reflection object (by ID, by class name or just a raw array you build yourself).
A basic implementation looks like this:
A more advanced implementation looks like this:
Enjoy! And as always, your feedback would be much appreciated.
Update: In a turn of dumb misfortune, I found out after releasing this, that someone had already coded an extremely similar implementation (with IE support) last year! Oh well, you do what you can I guess…