That's pretty cool, though I wouldn't have realized those were reflections if I didn't hear the VO explain that's what they were. It kinda just looks like the same sprite, turned around, drawn one tile higher--more like a doppelganger than a mirror image. What about shortening the reflection a bit so it feels more distorted, not a part of the physical world? I think it's just tricky with RPG Maker's strict orthographic projection.
But what I said above does not apply to the water reflections. Those look terrific!