Here's a version of Combat Reflexes that emerged from a discussion on the SJGames forums. Luther deserves the lion's share of the credit, though others (including yours truly) contributed to the discussion.
Combat Reflexes as an advantage is eliminated, and replaced with the following:
Combat Veteran 
You are rarely surprised for more than a moment. This gives you +2 to all Fright Checks, +6 on all IQ rolls to wake up, or to recover from surprise or mental "stun". Your side gets +1 on initiative rolls to avoid a surprise attack — +2 if you are the leader.
Fast Reflexes 
You have uncannily fast reflexes, and get +1 to all defense rolls and +1 to Fast-Draw skill.
These advantages function just as described on page 51, but with new pricing:
A Character with Fast Reflexes pays full price for Enhanced Defenses.