For what it's worth, v6 of Reflector was updated to remove the time-bomb
update code. Red Gate announced that through the end of August, anyone
with v6 could run it and upon getting the update alert, let Reflector
update itself and get the last version, which will run indefinitely
without requiring further updates.
http://www.red-gate.com/messageboard/viewtopic.php?t=13330&sid=eeecb0fc199a42376b2e6c0394af9e02
One catch is that you need a downloaded copy of Reflector already; Red
Gate no longer offers it for download on their web site.
In spite of their statement that the update would be available only
through the end of August, I just checked and it's still enabled, as of
September 4th, 2011. I haven't seen any other statements from Red Gate
suggesting that they've extended their deadline, so I think it's safe to
say that the update could wind up disabled at any moment now. But for
now, if you have or can get a copy of v6 to run, you can upgrade it so
that it won't expire.
Of course, there are other free competitors. And given Red Gate's
behavior regarding Reflector, there's probably some good reasons to
avoid Reflector. But those who want to continue using it for whatever
reason, it's still an option at least for now.