Tl;DR unless WH2O topper science interests you-
I was a lighting test engineer for a major aerospace lighting supplier for a while and I have done a little research into a static display system that used this technology that was also used for WH2O. I heard The WH2O topper decal could be remade if someone wants to spend the time and money, the rub being it cost a lot of money for tooling that works. It has something to do with the blade angle while etching the dies used to emboss the aluminized sticker with.
This only works with bare lamps, mostly because they act as a directional point source and the chaser distance between bulbs is the determining factor of the actual needed die etch angle. Each "frame" of animation is determined by the relative position between the illuminating lamp, the reflective surface, and the observers eye. As the lamps sequence, the angle between the lit lamp and the next lamp lit in the sequence changes the viewers "frame" so you can get a scene whose image areas either reflect light (the angle lines up the lamp filament, the reflective surface of the image area, and the viewers eye) or it reflects a dark image as the areas with a different angle do not line up.
So now you have a single scene, with areas that illuminate (reflect) when only certain lamps are lit due to their combined angle. This allows the artist to render a scene that has a arbitrary water fall shape filled with areas that cycle in order light, dark, dark - then repeat. This gives the illusion of motion that makes us think the water is moving. It's a neat effect, but the tooling to do the embossing is all centered around the lamp distance between each lamp and the observers eye position relative to the area the artist wants either illuminated or kept dark during each frame.
Also note, changing the direction of the chaser lights will make the water flow "up", as well as if you randomized the seqence, the water would look more like noise. Oh, and areas can be made to go up while others go down, this allows for the wave effects that show the water splash "up" even though the main direction is down. All you do is reverse the angle sequence in those areas.