When HiTech first explained rendering a mirror, IIRC he said that it would require rendering an entire "world" or something to that affect. I learned with the environment map discussions, that the reflections are made from a picture "cube" that are not constantly refreshed (the same as the environment).
Until there is software, that is able to do what you wish without destroying all important framerates (compare the discussion on environment map settings) I believe that we can keep that item on the wishlist a little while longer (myself included).
edit: Bustr, I have always been interested in TrackIR and now VR, but suffering from muscular skeletal pain, especially in the shoulder and neck area, I had been skeptical of my ability to use it for extended periods of time. Who knows it might end up being therapeutic if done properly.
My question about TrackIR / VR, is the look back button disorienting, or just more clumbsy?