The default value for both Reflection and Highlight Glossiness is 1, which means that the reflections will be perfectly sharp. Once the value is decreased below 1 the reflections begin to become blurry. A value of 0 would mean that the reflections are completely blurred, and this would look similar to a material without a reflection layer at all. Setting this for regular materials would cause extremely long render times. A good range for creating glossy reflections is between .5 and 1. At values below .5 the effect is similar to a material without reflections.
Below are results from combinations of various intensities of Reflection Glossiness and Fresnel IOR.