What is your favorite reel? If you read a web forum where this or some minor variation of that question (substitute rod or rifle, etc.)  is asked, you are likely to find some spirited debate.  One of the main philospohies of this site is helping people put together outdoor gear at a budget price.  That does not always mean the cheapest version of an item you can possibly find.  A $10 reel bought every year for 10 years isn't much of a deal. 

I don't like to buy outdoor gear on a throwaway basis.  It is simply too frustrating, for example, to be on a fishing trip and get into some great fishing, and have your reel seize up.  On the other hand, I am of the opinion that spending $100-$200 on a reel, unless maybe you are a guide or a professional, is a complete waste of money. 

What the average fisherman needs is a dependable reel that with proper maintenance, can last them a period of 5-10 years with average usage.  The reel I use fits all these requirements and is available in a variety of sizes.  I guess one other thing I should mention is that I don't own a dozen different setups for every forseeable possibility.  Besides flyfishing gear, I own ultralight, medium action, and heavy action setups.  All I use when not flyfishing is spinning gear. 

The Mitchell Avocet II Gold Spinning Reel runs around $30-$40 ($34.99 seems to be the predominant price as of January 2009).  It comes with 2 spools so if you are for example going after smaller bass and then maybe hitting a trout stream, you could have spools with appropriate line for each.  If you are looking for a reel thats should meet many of your needs at a reasonable price, this one might be right for you.