In the settings you can choose what things you want to reflect of water etc. and much more stuff. I haven't seen proper reflections in ANY screens this far. Everyone saying they have Ultra on are just the ones who choose Ultra in pre-settings, not the ones that maxxed everything out. I'll test it in 1h and post screenshots.

Proof: http://www.neogaf.com/forum/showthread.php?t=417495&page=187 one poster show the setting options