Comments I forgot to post this last week, but Ben Pritchard of pixelfumes.com wrote a great article on the Flash Developer Center on “Creating movie clips with reflections in ActionScript 3.0“. Definitely worth a read if you want to add a nice reflection effect to your Flash projects.
Being the curious person I am, i also did a quick search on doing the same thing in Flex and came up with the following: Live “reflection” component on NJ’s awesome much ado about something blog.