Risky Reels featured a small crater (similar to the one at Dusty Divot, but not as large) in the center of the area surrounded by trucks. It has since been filled up. It had a similar 'Movie' theme to Moisty Mire and offers small huts and houses on the outskirts of the area. It is most noteable for the giant cinema screen located at the front of the location, as this was where the cinematic 'Season 4 Trailer' was filmed.
Additionally, in the game files, you can find a short video of Ralph from "Wreck-It Ralph" walking into frame from the side, waving at the camera, and then walking off. This "film" can be seen displayed at Risky Reels on the movie screen. Showing time of the movie is random, and does not even display in some matches. This may suggest a partnership with Disney and perhaps a LTM similar to the Infinity Gauntlet, where one player takes a powerup and becomes Ralph, smashing through builds and other players. The "partnership with Disney" theory can be further confirmed with the section mentioning the "Hot Marat" emote in the Fortnite News feed that pops up at the beginning of the game.
As of update 7.0.0, Risky Reels is gone. It is now The Block.