The flatter you can make your reflective material the better it will work. Any unevenness and ripples and crinkles will cause a reduction in the percentage of light rays that are equally reflected, diffused, and that will reduce its efficiency and it can, if using HID lighting, cause hot spots.
That is one reason why flat white paint makes such a good option for a reflective material It not only has a high reflective capability but it is extremely easy to apply and have as flat of a surface as is possible. Someone can use a reflective material that will reflect a higher percentage of light rays and by applying it poorly end up with a lower percentage of reflection than flat white paint will give you.
Also while Mylar is very good as a reflective material it can easily be damaged, especially if someone tries to save a few dollars and cuts a few corners and purchases the thinner Mylar. Keeping it clean so it retains its high reflectivity can be a problem in that just washing it can damage it especially if it is not applied as flat as is possible and just washing it can change a well applied sheet of Mylar into a poorly applied sheet of Mylar.
A better option that Mylar is Foylon.It is a more durable version of Mylar that is made of spun polyester fabric and reinforced with foil laminate. Foylon is resistant to most solutions, won't tear or fade, and can be wiped or washed clean. It costs more but will outlast Mylar by a long-shot and in the end be a better value in that you will not have to replace it nearly ass soon.
You already purchased it and you already applied it so now all you can do is live with the results.
If you have very little minor wrinkling and are using CFLs I would say you have little reason to be all that concerned since CFLs do not put out a lot of light and they do not put out a lot of heat, both of which will be reflected, but if you are using HID lighting you may likely end up with hot spots.
now that is a answer
a good one
rep for you
thanks for going to all the effort