Yes, most frameworks use reflexes for this, with the supposed requirement that you use the correct getter / setter naming convention (getXXX and setXXX, or isXXX and setXXX for a boolean property).
Performance may be a problem, but if you do not evaluate your application and do not think that reflections are the main bottleneck, I would advise you not to prematurely optimize and use reflections as the simplest solution. With that said, you might want to take a look at this article about replacing reflections with code generation:
http://www.ibm.com/developerworks/java/library/j-dyn0610/