  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.
