I'm sorry, but I'm 95% certain that you are incorrect here.
Several parts of this image suggest to me this isn't a form of screen space reflection (and if you don't trust me, look up the first webpage result for "screen space reflections" in
google or
bing).
The simplest example I can give you is the tree to the right; the tree in the background has very little aliasing - few holes through to the background - and it has a building behind it. This isn't the case with the significantly lower resolution reflected tree. (There are other examples I could point out - but most are the same thing - missing background detail).
So what is it then?
The obvious answer is almost always the correct one, and the obvious answer (when talking about a game developed by highly skilled professionals) usually means the
simplest. Anything with 'Ray' in it immediately disqualifies itself.
So what is one of the simplest (and oldest) way to do a decent reflection? A planar reflection. Simple, bog standard planar reflection. Assume the ground is an infinitely flat plane and reflect the camera in that plane. Have it 'look up' through the ground - and render that to a texture. Reproject from the point of view of the reflected camera, and boom - you have a reflection.
Here is the first example I could find (from 2001):
http://www.bluevoid.com/opengl/sig00/advanced00/notes/node167.html
It looks to me like exactly this. With a mip-chain being generated (allowing for glossy fake blur) and a bit of displacement to fake up rough surfaces and you have an extremely cheap and convincing effect.
What makes me think it's this?
A) It's what I'd do.
B) In the distance the road changes angle, and the reflection changes angle too (in the wrong way - infinite plane assumption broken)
C) You can see clear evidence of lodding (eg, the tree, the lack of buildings, etc)
So it's a really basic cheap effect - just that's the point, as long as you can work around the limitations (I bet the road doesn't reflect as much when changing elevation angle) then you have everything you want; it looks good and it's fast. That's graphics programming; cheating to make something simple appear complex.
As for the resolution difference (as minor as it is?) I suspect it's unlikely to be performance related. A texture that low res, with that little detail is unlikely to be a significant bottleneck in a complex deferred renderer. Memory use or texture cache size, I'd expect, would be a bigger factor. Either that or in the time since the 360 version release they have been optimising their engine.