Finally got a chance to open this guy up and wanted to throw in my two cents.
First off, it's not "Reflector" to me (or not "not-Reflector", as it were). The styling, colors, and size discrepancy between members simply doesn't work as a G1 homage. Even though Perfect Effect's not-Reflector kit is ridiculously small, it works as an homage much better.
That having been said, I LOVE this set for its own merit. The modern camera design is well-executed and all the elements fit together seamlessly. The robots might suffer a bit from the standard TFC "blockiness" aesthetic, but they don't look cheap for it. The LED light is an interesting addition, although I imagine I'll be taking that battery out soon to avoid a risk of acid leakage.
In short, while this really has no-place in a strict G1 CHUG collection, I very much can see these guys running around the TF universe, filling in for Reflector and Laserbeak on their days off. If you have a photography affinity of any sort, or just like more unusual alt modes, I would strongly suggest picking this set up!