realistic reverberation algorithms are a bit of the 'holy grail' of audio DSP programming...
there are two basic approaches in the pro-audio market today:
- convolution reverb (using impulse responses)
- delay/feedback/dampening networks
the main challenge behind impulse response convolution has been the efficiency versus quality tradeoff (incl. latency!). whereas the main challenge behind delay matrix networks has been generating vast lattices of delays with little harmonic re-inforcement.
professionals pay vast amounts of money for realistic sounding reverbs... a "good" sounding reverberator can retail for $2000+, and "really good" ones for much more.
welcome to the pro-audio industry...