Not a reformation as such, but what about the Whootles - Roger Daltrey Vox, Pete Townshend Lead gutar, Paul McCartney Bass and Ringo Starr Drums!
(OK. it's an old Viz joke...!)
But seriously, of the top of my head right now I'd nominate Paisley's fantastic Close Lobsters, their gigs made me so godamn happy in the late '80's. Better than Orange Juice IMO. Ahh, the warm glow of nostalgia.