To those saying to just use the I key: I disagree totally. For one thing, you were able to see yourself better with the F1 key; for another- and this is my main point- I now cannot take screenshots of my Minecraft character to use in avatars or signature banners, or to just show off. That said, I support this idea. And, if showing a reflection of what's behind you would indeed be too hard, I think TehRealAssassin's idea should be considered.
I think this is a good idea because of the creative aspect of this. People waste their resources building tall buildings and beautiful statues. Mirrors just add to that. Imagine the possibilities. You could have washrooms that add to your buildings, you could make a mirror statue, just adding to its beauty. You could make a mirror maze and try to get through it. I think this idea is epic.
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I am the bone of my sword
Steel is my body, and fire is my blood
I have created over a thousand blades
Unknown to death, Nor known to life
Have withstood pain to create many weapons
Yet, those hands will never hold anything
So as I pray, Unlimited Blade Works