If you can trackstand, it's not too hard to learn to back up half a pedal rev. (if you can trackstand both sides, else full rev. required). Not very graceful though (esp. when I do it).
More graceful is the full-on balanced reversed riding (usually in circles, if more than a few seconds).
If you want to see some serious fixed reversing, check
this out (oldskooltrack.com). It's the video referred to in the 63XC article, and the background info is
here.
N.B. this is the video I posted over at the old place last time reversing came up, so many will have already seen it.