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production rods are typically built where it is most cost effective for the company. this could using lesser grade components, cutting some corners when building so as to build the rod quicker, and buying mass amounts of the same items so as to not have a high inventory of all variety of options. the one major item to understand when buying a production rod, that rod was built for an average of a large audience of anglers so as to fit everyone - short armed, long armed, neutral colors (no glitz), etc. this is not always true of all manufacturers, but pretty standard.
custom rods are built for one person - you. you have the option to choose the colors, blank, ring type, ring frame, grip type, grip lengths, fancy butt wraps, reel seat type, reel seat spacing (usually the one complaint often heard when buying a production rod - too short of a rear grip), etc. how many spiral wrapped production rods have you seen? how many production rods are built specifically for your reel and line choice?
a good custom rod builder should warrenty their craftsmanship, but normal wear and tear and/or negligence might be at their discretion or that of the manufacturer for that component.
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