Yep. Just the direction in which you reverse is changed depending on where your opponent ends up. You can even reverse running attacks, specials and being slammed by a follow up attack at the turnbuckles!
the best is getting out the ol thumbtacks in the hell in a cell match, and start doing reversals until someone ends up on the tacks. nothings funner to watch than a german suplex onto the tacks, even if it's me being tacked.
This is how I practice... I call it SURVIVAL MODE .
On legendary difficulty, start a Iron Man match (the longer the better). See how long you can last in a match without using a taunt to replenish your life. What an excellent way to start learning to reverse.