I had the custom divers 125m Ratchet reel. I hated it because it was notchey and jamed.
My M8 Andyp loved it so when his jamed and he lost it (

) I swaped him my one for a Suunto Vyper.
That was in 2003 and they had just been launched so they may hae improved. Andyp stoped diving in 2005 and has just started again. His ratchet system is buggered so at best you can say he did a couple hundred dives on it before it failed.
I found for laying line the Halcyon pathfinder is the best thing i have used so far. The side handle and jam proof design is superb.
A a SMB reel the Kent Tooling ratchet reel is great to use and bulitproof in design but at 2kg mighty heavy. The weight is the only bad thing about it.
I helped John and his dad design it and I was thrilled with the end result.
For the weight concious i use a modified £39 beever reel which is both excelent to use and ceep enough to throw away.
ATB
Mark