OK, I had this problem with reflections on a flat surface a while ago, and thought it was just that I needed to make the surface non-smoothed, but I've since realised it happens with curved surfaces too.
Create a box in LW and render it reflective with smoothing on, and reflection looks right.
Export it as an OBJ file, and do the same and the reflection is wrong. (even if you then re-save the OBJ as a LWO
Try the same exercise with a cylinder, same is true.
BTW this happens if you render the objects in Standalone too.
I've traced it to the creation of a 'vertex normal map' in the surface. It's fine if you set this to none. Here's my problem. I have big complex objects with many UVS, and the quickest way I've found to convert them to singe uv's is to export it as OBJ, re-import it and save it as LW, however this problem ocurs. Fine if you only have one surface, but a hundred, and it starts to get tedious.
Thoughts?