You can reflect:
- Soldier Rockets
- Pyro Flares
- Demoman Grenades
- Demoman Sticky Bombs (Sticky Bomb Launcher/Scottish Resistance)
- Huntsman arrows (which can headshot enemies)
- Sandman Baseballs
- Wrap Assassin Ornaments
- Crusader's Crossbow arrows
- Mad Milk
- Jarate
- Level 3 Sentry Gun Rockets
You cannot reflect:
- Hitscan shots — anything which is a “bullet” and appears as streaks rather than projectiles
- Syringe Gun needles
All reflected projectiles that do damage become at least mini-crits (and remain full criticals if they were). You can also airblast already-placed sticky bombs to move them off of door frames, control points, etc.
Note that there are different speeds for items to fly. Soldier standard/Black Box rockets and Level 3 Sentry Gun Rockets are slow, and much easier to reflect than others.
The game has custom kill icons for reflected Huntsman arrow headshots, but at last check, they were not actually used.