Dear Joe,
take a look a the chrome gears I uploaded a few days ago. What I did to achieve
that effect (in 2.0) was simply use the clouds.tif image as a global reflection
map. I also had the ambient lighting up around 90 or something like that (it
seemed to help make things look shinier). If you want, I can upload one of the
gear objects so you can take a look at the attribute settings. Just say so.