that isn't cheating, it's a work around
Or, rather, everything we do is cheating to some degree or other. :D
I think there's a lot of potential since it's not cubemapping and it allows to put things under water
It's swapping one issue for another - it's problematic to filter out the extraneous portions of an object's reflection without damaging the reflection of another object it might happen to partially occlude. It's not a show-stopper, but it does constrain (mostly level) design for the time being.