Do you think by hanging reflective Christmas ornaments can deter birds from eating my figs?? 

Until they get used to them. Mt father used to hand old CDs on his trees then after few weeks take them out and put something else then back to CDs.

Hanging red ornaments before the tomatoes are ripe is supposed to work. The birds don't waste their time coming back after a while.

It'll be Christmas everyday in my little orchard then.. :)

I did this last year and it worked! I like to buy cheap ornaments in December and keep them in a closet until July when I'm planning on putting them back on my trees. 

I've been putting organza bags on my figs as they ripen. It's working well.

Rubber snakes, plastic owls, mylar strips, CDs, etc. - almost anything works - for a few days and then they are ignored.  Ultimately you need a physical barrier that prevents birds from reaching the tree - otherwise known as birdnet.