I don't do realtime reflections, just a static cubemap at load time. It looks good enough, and doesn't require 7 renders per frame.
Sanity, at last!!!
( Not that there's anything wrong with reflect all, of course :D )
For those who really want dynamic reflections, perhaps it would be worth making some weird attempt at only rendering dynamic objects and slapping them on top of the prerendered world? (This is very likely to turn out with jagged lines and discoloured edges, though... such a thing would probably require a more advanced 3d engine).
Halo, that water with the ripples looks really nice.
Needs source if you want to win the knife and become the king of water, though.
Same with Ojay :)