Thanks for the answers, I think I get it now... I did some more web surfing and found this three page photoshop tutorial which gives me a good example of such:
Reflection Mapping.
Quote: "But what do you want to do with reflection SJ? "
@Isocadia: Well I was just thinking that reflective mapping would come in handy in many places, like if you want to make models for a racing game, usually the metal of the vehicles are polished, shiny, and reflective. The same applies for many objects such as bladed ones, certain weapons, and even things like mirrors. The only question I have about this left is basically for blender users: How do you apply reflection maps in blender? In games, I'm pretty sure that like normal or specular maps, there's a shader for this stuff, but it helps to preview your work too. Thanks -SJHooks.