I like the idea of a fast cast, long recast reflect spell, where it reflects the next spell... kind of a quick thing you could just throw up... I like this for RDM. It might be funny for a RDM to use Chainspell-Reflect instead of Chainspell-Stun...

I also like, additionally, the idea of a "Auto-Reflect" job trait, where there is a ~5-10% chance to Reflect a spell...

As for animations, I think there should be some "transition" in the effect...

Monster cast animation > Shield type animation on the Reflecting character appears briefly > spell effect displays on casting monster.

Here's a question though... Will Dispel remove Reflect, or will it get Reflected?