If your bid meets the reserve, the "current bid" goes up to the reserve amount (or a little above it, if someone else had earlier bid less than an increment below it) and the "Reserve not met" notation goes away. On the Bid History Page only there will be a "Reserve met" notation, but you kinda have to look around to find it.
If your bid does not meet the reserve, it willl continue to say "Reserve not met" on both the Item Page and the Bid History Page.