Reflect is pretty awful. Even though evasion is deterministic, you don't want to evade anything if you're trying to deal damage with blocks or damage taken (both are rolled after evasion/dodge). The passive nodes look interesting, but you have to realize that melee physical damage isn't most of the damage you'll take and the nodes/shields only reflect damage you take. It's a big pain to get life on that side of the tree, so you're looking at trying to nullify the easier ways to build tank there and trying to build pure buffer w/o reduction or evasion/dodge. In short, you're pretty likely to end up with a total shit tank.
Punishment was and probably is still awful.
My recommendation if you want to incorporate some kind of reflection into your build is to build use The Anvil and Tempest Shield while stacking block chance. It's not really a good source of damage, but regular phys damage enemies will kill themselves... slowly. Block is interesting by itself, though.
I built a mace and shield character in beta that had crappy attack and maxed block. It was very tanky against phys enemies, but weaker to bosses and spell packs. If I were to build another character using max block, I would build:
Searing Bond+Inc. Burning+Empower- Applies burning, does mediocre damage
Flamesurge+Fire Pen+Conc Effect+Spell Echo- This is your main damage, it is a very good melee range spell
CwDT+Enduring Cry+Immortal Call+Molten Shell- Invulnerability is the best tank
Tempest Shield+Flammability+Reduced Mana- +4% block and more fire pen. Lightning shield is worth about 10 points in the passive web for this build.
I'd want Cybil's Paw, The Anvil, and Rainbowstride. I was thinking about Rathpith, but it's even more expensive and makes Plated Defense less useful. The shield has to have 29% block to reach your new block rate cap of 78%. At 71, my tree would be something like this. The potential problems I can see are getting the dex for Cybil's, which isn't too hard, and having mana for Flame Surge with Spell Echo, which is solvable with this tree.
There's an unique shield with 1-1000 damage reflect... that one is for PvP, giving your opponents a nasty surprise. Otherwise, they are not really useful.
Do people actually PvP seriously in PoE? I find it hard to believe anyone would bother, considering desync issues.