I guees kinect isn't on the agenda nor is little big planet. Your comment defines you as a closed-thinking fanboy. As a developer you should be open...
That video is shit, you're not doing yourself any favours at all trying to sell this game with that video. What are you thinking? You work for months...
It's amusing how EA bang on about frostbite sucking on Wii U but they've ported it to mobile and last I checked mobile hasn't quite eclipsed xbox 360...
Just render to texture, blit texture to 2nd copy. It's not much slower (its faster on mobile actually), then just draw a 2nd pass with the reflective...