Angry bots realtime reflection shader impractical to reflect 3d scene?

I was messing around with angry bots and I realized they had a pretty awesome realtime reflection shader that worked well even on mobile devices. Would it be at all possible to use this shader to reflect more 3d geometry than what we saw in angry bots? Specifically, could the shader be used for water in a game that is supposed to run on mobile devices? Would the shader run faster or would the mirror script on the wiki run faster if the goal was to have real time reflections for water within a game? Thanks.

It’s often easier to make reflections by mirroring the world geometry… This means that your level will reflect, and dynamic objects will not.

You can have dynamic objects reflected too, but implications may keep you from even trying.