In photoshop it is easy to create a reflection effect. This is difficult for complex objects.

Here is a simple way to create a mirror like effect. Here the effect is give to an iphone.

Step1: Cut the object properly from its background. Use the various selection tools for this. Delete the background.

Step2: Select the object layer. Duplicate layer. Using free transform, move the top portion downwards as shown.

Step3: Apply a small perspective transform if required.

Step4: Decrease the opacity of the shadow to about 50%

Step5: Add layer mask to the shadow layer.

Step6: Select the mask on the layer palette. Apply white to black gradient from top to bottom to the mask.

Step7: Apply Gaussian blur about 2 pixels (filter) to the shadow image.

Step8: Apply white to black gradient to the background

for creating the effects like in this picture:

1: Do the above steps.

2: Do skew transform to the shadow layer.

Using the smudge tool and brush tool remove the distortions and make the real feel.