We present the results of a 500 ksec long XMM-Newton observation and a 120 ksec long quasi-simultaneous Chandra observation of the Narrow Line Seyfert 1 galaxy 1H0707-495 performed in 2010 September. Consistent with earlier results by Fabian et al. (2009) and Zoghbi et al. (2010), the spectrum is found to be dominated by relativistically broadened reflection features from an ionised accretion disc around a maximally rotating black hole. Even though the spectra changed between this observation and earlier XMM-Newton observations, the physical parameters of the black hole and accretion disc (i.e., spin and inclination) are consistent between both observations. We show that this reflection spectrum is slightly modified by absorption in a mildly relativistic, highly ionised outflow which changed velocity from around 0.11c to 0.18c between 2008 January and 2010 September. Alternative models, in which the spectral shape is dominated by absorption, lead to spectral fits of similar quality, however, the parameters inferred for the putative absorber are unphysical.
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