http://www.caligari.com/gamespace/spec.asp
Look there for the features of gamespace.
If you mean particle effects as in physics particles then no there is no physics simulator in gamespace you would need truespace.
If your talking about creating some basic plain key frame animations and exporting in .x, then yes you could texture a plain object with smoke or fire and slightly move the object and key frame the animations yourself for simple basic animations.
It also supports .avi textures to models.
As for true reflections i don't know what that means, are you talking about shader reflections or mirror modeling?
If so no gamespace cannot support shaders.
If your talking about mirror modeling like creating half a head or body and mirroring then welding it together then yes it can do that.
:Edit: Also you should download gamespace light, truespace 5.2, Lightwave, Cinema 4D and any other modeling program you are interested
First they all have demo's available. See which ui you like the best before making your decision since they are all different.
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