Nick,
 
This could be a function of your video card. With lots of things going on, this could be one of the many details that are being dropped because of the higher CPU and GPU level neeeded to display the reflections as well as keep trains moving, water reflecting, etc. 
 
Given the high amount of different things that need to be calculated, drawn and executed by the software and your computer system, we're pretty lucky that this works at any decent speed at all. If the reflections, and probably some other details weren't dropped, the performance could become choppy like it was in TRS2004 and TRS2006.
 
John