I am on the horns of the proverbial dilemma. I have always truly loved the looks and feel of fly reels. If truth be told, they probably hold more fascination for me than fly rods. When my son was born 25 years ago I wanted to get him something that represented myself and my feelings for my son. I bought him a Hardy Perfect and had it engraved with his initial and birth date. In retrospect, I now wish I had bought a couple of cases of them, they've appreciated much more than any of my other investments. Oh well.
Where my problem comes in, about two years ago, I started to fly fish with a fixed length line rod which required no reel (i.e. Tenkara, if you prefer). From day one, for me it was everything and more when it came to what I loved about ultra light fly fishing. Total system weight, about 2.something ounces. Casts like a dream, very accurate, gentle and intimate. The fixed length line fly rod also provides more control when it comes to presentation, and much more "feel" to every fish hooked. Although I really feel every move the fish makes, I'm able to land fish very effectively and quickly.
Only downside, no reel. I don't really miss a reel while actually fishing, but I do miss handling and generally fondling them. Nothing stopping me from still buying the occasional new reel, it's just I have a hard time justifying it since chances are I won't be using them for their intended purpose. As in most things in life, I guess everything is a trade off.