Apple Motion 4 has several refinements including shadows and reflections, demoed on Apple's website. Lynda.com's free Final Cut Studio overview also looked at creating shadows, reflections, and specular highlights.
Recently on MacBreak Video, Mark Spencer looked a bit closer at shadows and reflections in Motion 4. Will Adobe respond to Apple, especially in the reflection gap, or will it be left to user kluges like extrusions? In the meantime, see Built-in reflections in AE for Chris and Trish Meyer's formula and tips for creating "faux" reflections in After Effects without 3rd party tools like RGS Warp or Zaxwerks Reflector.
Update: a Motion extra from Oliver Peters, "I'd recommend that you DO install the Motion content. The biggest content chunk will be the audio files for STP and those can be easily installed on an external drive or not at all. If you don't install the Motion content, some of the text behaviors will not show up in the pulldown menu."