I got to play with some of the Santiago's at a tackle show this winter and was very impressed. They have suppossedly improved on the one bad feature of their old reels, their suscptibility to corrosion of the gears (bad shielding from spray). Other than that they were bullets. One cool thing about the new reel, no plastic anywhere close to the shaft. Even if you tear the high speed gear out of the housing, the reel will stay in low gear, allowing you to still crank, and (maybe) keep your fish hooked. Have not heard of another reel with solid state gears like this. I'm a Shimano Tiagra guy to the core, but I like this concept and would love to fish a few of these reels.
I just bought a 50. I was impressed with drag and the strength of the 2 speed gearing. The reel is definately not cheaply made, don't let the Zebco name fool you. I know captains that have caught 200lb swordfish on a 50 and the reel performed flawlessly.