Reflector 3 includes the ability to live stream your devices directly to YouTube. This means that your device screen is sent to YouTube while you are mirroring to your computer. By connecting your device to Reflector, then clicking on the Broadcast button in your Reflector menu the mirrored screen can be shared with anyone in real time!
The mirrored screen is sent to YouTube and is viewable by others while you are making the video. While this is happening, there will be a short delay between your device and what is seen on YouTube. When you are finished, the video will be saved for later viewing as well. You may include any device that is compatible with Reflector, and you may also add a webcam or audio only feed with the video as well.
More details on how this is done can be found in the links below:
A brief introduction to live streaming on YouTube can also be found here.