Low Cost Reflection Attempt

I tried using a reflection trick I read up on somewhere on the interwebs, basically it gives the (sort of) illusion of a reflection on whatever surface you apply it to, but it doesnt have the same resource costs that realtime reflections would have, but it also doesnt look anywhere near as good as the more costly version, basically you multiply the texture that you want to reflect onto the texture that you want to be reflecting, then just change the value of the multiplication to increase/lower the "reflectyness"

I can see the potential for this sort of technique if its used in certain circumstances, I think it would be more useful in outdoor themed environments where you could apply a sky texture to be the reflection, but it doesnt seem to look right with my indoor environment, if applied multiple different textures and they all look a bit odd, but a sky texture applied looks great, it is just incredibly out of place in my level........since its in space ^_^

(You might need to watch the video in full HD to get best impression of the "reflections" in the video)