... This would mean that Keyshot can not reproduce reality (reflection) on most industrial objects, without having to retouch the fillets before export ..?
Well, in reality most manufactured and machined products will have "curvature continuity" due to the manufacturing processes involved.
So even when a blend would be defined with tangent continuity (G1) in CAD, it could end up being G2 in the finished product, because of e.g. sanding and polishing.
One area where it can be important to model with curvature continuity is A-sides (outside surfaces) of injection molded consumer goods. If you model with G1 blends, then you risk getting sharp transitions in the mold and thus noncontinuous reflections in the final molded part.
You have to realize that CAD is not reality. It is an approximation and idealization of reality.

Also, the blends on the Apple "trash can" are probably quite complex on the original CAD model. I imagine it is much more involved than a simple blend.
Dries