I have the original Stream Light on my 6wt. It is my first and only fly reel, so I can't really tell you how good it is. But, I have been impressed with it so far, and some more knowledgeable fly-casters that I have let try it say that is a smooth unit.
I have the #2:
Streamlight Large Arbor Fly Reels: L.L. Bean Reels at L.L.Bean
(Another disclaimer is that I am from Maine. For those that don't know, L.L. Bean is a Maine institution. You'd be hard-pressed to find a student in grades K-12 that *didn't* have an LL Bean backpack
I have the #2:
Streamlight Large Arbor Fly Reels: L.L. Bean Reels at L.L.Bean
(Another disclaimer is that I am from Maine. For those that don't know, L.L. Bean is a Maine institution. You'd be hard-pressed to find a student in grades K-12 that *didn't* have an LL Bean backpack