I guess this is already known but just in case here goes ;)
Is the transparency part of the reflection shader not working or am I just not using it right?
With the transparency turned all the way up to 0.95 all that happens is the object just gets darker. The reflection stays the same and in no way can you see through the object. I have only tried this on the internal sphere object so it may be an issue with the sphere's implementation (or simply my understanding of how to use the shader)
Transparency is not supported in the reflective shader, only in the water shader. The transparency slider in the reflective shader should be left at 0 for now. The slider was supposed to be removed - it is left in there accidentally.