I love the Penn 704's. I have never had one fail, and in the fall I fish with it 5-7 days a week. I also use one of the old Penn Spinnfisher 700's, which came out in the early 60's. These came out just before the "greenies"(they are a different shade of green). They are mechanically the same as 704's with the exception of the rotating flyer around a stainless steel rotor cup. I found this Spinnfisher 700 at a tag sale for 3 bucks, and since I have fished it locally and at Cuttyhunk with no problem. All it needed was a good cleaning.
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