I can see the effect but I don't like it on the example you gave.
It's extremely (if not 'too') indistinct.
Sypher's correct in his advice and there are some other things you might want to try as well:-
Drop the transparency of the 'reflection' layer to 40 or 50%.
Then apply a fading gradient mask to the 'reflection' layer, leading away from the original.
This will give your text the appearance of standing on a highly polished / glassy surface.
In this example (which took less than two minutes), I also merged the original and reflected layers into one before skewing the perspective. This helps the two images to align to each other when you move them around.
In this example with a lighter background I have also inserted a shadow under the original text just to separate it from it's "reflection".
I use Photoshop CS now but have achieved the same thing in Fireworks (a few years ago now, lol).
