Stam wrote: "Not too much to go wrong with a fly reel.... except the drag. "

As Sam points out, that isn't all that can go wrong. Fish long enough with enough different reels, and you'll find out what else can happen. I had one where the side plates of a reel made of stamped aluminum pushed outward due to to much pressure while winding in line. The plate on the inside pressed against the cage and inner workings and came to a stop. That resulted in the loss of a red hot springer.

I've had two reel handles come off while playing fish, one a hot summer run on the Stilly that I still managed to land by winding all the backing and line back in by pressing my thumb or finger on the outer side plate and rotating it. That happened with a cheap $5 reel, so quality was bound to be a questionable issue. The last one however, was just last winter, using a not so cheap $400 reel, and I almost landed that fish except it spit (for Coley's benefit) as I was trying to land it.

Sometimes it is the drag that fails. I recall another time with an early summer run and high water. Not all pawls in spring and pawl reels are made of the right stuff. This one just ground itself into bits of metal shavings inside the reel, leaving me to play the fish in free wheel. I did land it, but it's experiences like this, that are outside the norm, that make for a more exciting day and the best fishing stories.