I have a Switchback IV. I don't think it's worth what they advertise as regular price. I have picked up many other fly reels in the same class, but this is an inexpensive reel. I basically got mine for free when I bought a rod (like the rod, BTW), so I can't complain, but I'm unimpressed by the reel and the service when I requested a part.
I saw a similar Redington reel in a shop the other day for $150. It seemed a bit nicer, and was less expensive than the Powell. I'd probably go for an Orvis mid-arbor before either of the other two, if I was paying full retail.