I've been fly-fishing for 5 years and own a bit of equipment- nothing uber high end (no Helios rods hiding in the trunk of my car or anything...)but what I have works, including my reels. Redington Wayfarer in 4wt and 6wt and my new TFO Signature 4pc 5wt.
I have 2 Orvis Battenkill Mid Arbour reels (4wt and 6wt), a Martin "Mountain Brook" 5wt and a Sage 1201 in 4wt. I shoot everything from Orvis Wonderline 3 Trout to SA GPX and also the Orvis Clearwater line. A fair mix of line types and price.
I subscribe to the 'my reel is there to hold my line' school of thought. I don't play fish with the reel, I strip my line for that- of course that may change if I hook into something BIG!

Not looking for a debate or a flame-war...I am honestly interested in hearing what your thoughts are on reels and the price/value relationship.
Thanks,
Jean