That still fails for me. Interestingly with a png it does exactly the same as above, but with the checkerboard pattern (as in yours) it does this...
For some reason, it pulls the top row of pixels into towards the centre. This 'bug' also carries over to jpegs too.
I managed to get the 3D reflection working (sans errors) with the following script:
infile="test.png"
ramp=40
spacer=0
fade=100
ww=`convert $infile -format "%w" info:`
hh=`convert $infile -format "%h" info:`
hhr=`convert xc: -format "%[fx:$hh*$ramp/100]" info:`
convert $infile \
\( -size ${ww}x${spacer} xc:none \) \
\( -clone 0 -flip -crop ${ww}x${hhr}+0+0 +repage \) \
\( -clone 0 -alpha extract -flip -crop ${ww}x${hhr}+0+0 +repage \
-size ${ww}x${hhr} gradient: +level 0x${fade}% \
-compose multiply -composite \) \
\( -clone 2 -clone 3 -alpha off -compose copy_opacity -composite \) \
-delete 2,3 -channel rgba -alpha on -append \
+distort Perspective '0,0,0,0 0,500,0,500 500,0,450,50 500,500,450,450' \
-gravity North -crop 500x1000+0-15\! rounded_corner_vreflect.png
But I have yet to make this fully friendly for various image sizes. Also, I'd like to know if it's just a bug in IM that is causing me problems with the original scripts.
My imagemagick version number is: 8:6.6.0.4-3ubuntu1.