I think I've re-affirmed in my own mind, that for setups less than about 7 wt, that the reel is just a "line holder" and if you're just an occasional user, a plastic "click-drag" reel is fine. To me, my fly reel drag is just a way to prevent my spool from overspinning if I have to cast out quickly, off the reel.
If you're a little more serious about fly fishing, the "click-drag" system might drive you crazy, it does me, but some people actually like that sound and they pay a thousand dollars for a specific "click" sound. Whatever floats your boat. I set my drag to the lowest setting that I can pull line off the reel quickly with, and not get any backlashes, and I like the drag knobs to be on the large side because I figure that when you're going from letting all the stripped line out, to getting the fish on the reel, that transition to the reel is when you're going to pop your tippet if the drag is set to heavy...once you get the fish on the reel, you can then reach down and tighten the drag as needed. If you look at alot of fly reels, you'll notice that most of them don't have a very wide range of adjustment until you get into the higher cost, and larger reels. That's because your fly rod guides, along with your fly line produce a significant amount of drag, especially as more line gets in the water if a fish is running, so most people "palm" their reel rims to slow the fish down or at least tire it out. In a river, if you get too much line out, you probably won't land the fish, just because of the river dynamics, so you need to control the fish as early as possible. In salt water, the fish can be quite a bit bigger, so not only is the drag (and reel capacity) more important, you are more likely to see geared reels (most fly reels are single action, one crank = the diameter of the line on the reel being put onto the spool), and drag systems that are disconnected from the reel handle; meaning, if the fish is running hard, and on the drag, you don't skin any knuckles on the flying reel handle
If you have a very light rod, then you'll need a light reel, and a light setup makes for a less tired arm at the end of 14 hrs of fishing, for the third or fourth day in a row, but as far as your reel affecting your balance, I just adjust my grip...but then again, my friends say that I create tsunami's when I cast from a boat or a float tube, but to me, weight isn't important...I actually have been more tired when using a Galvan Torque, than the Okuma that I normally use, but that may just be me not adjusting to the different weight distribution.
What to look for in a reel?
Well, if your going, cheap, then make sure that the "plastic" (they usually call it something else) is a durable plastic, not easily cracked. Many of the low end reels (Pflueger is king of the low end stuff, Cortland has a decent low-end reel that I've seen) are actually pretty durable...it's the clicker that will rust if you don't take care of it. Just make sure that there isn't a large gap between the spool and the reel body that line can pass through under pressure. Many reels in this category are under $50.00, some are $10.00.
In the "mid" range, I'll say that these reels run about $50.00 to about $100.00. You can get either some kind of plastic composite body, or a metal body. As stated before I don't care too much about weight, but I've had a big name reel freeze up on me (as in can't turn or remove the spool...it's a pain to remove the line), and I've had a reel manufacturer that many fly fishing purists turn their nose up on, make a reel that is extremely durable (all aluminum) and reliable (I have several Okuma's that have never given me problems)...and I don't care if I don't have a reel cover for them when I set them down, I just lay my hat down on the ground first to keep the sand out of the drag. I don't really like the plastic cassette system, but I have a BFR reel that's really light, with a covered drag system (there's a plastic plate to keep sand and water out), and a really smooth drag that has done well by me for about a year. One caution in this price range: more expensive doesn't mean better. The Venture series of reels (about $100.00) looks really nice, is made by a large manufacturer, and feels very solid, like it's all aluminum, but the most important piece a plastic cap, with the spool spring retention clip held in by that plastic cap (it also looks aluminum), and if the cap cracks (the way the cap is designed, it sticks out so it has a high probability of getting hit), your spool will fall out and there's no way to repair it, you have to replace it. On a friend's Venture 5 spool I replaced the cap with an "e" clip that I bent into place (a new spool, with cap is about $65.00, a whole new reel is about $100.00), and the cap is totally gone. I may put a piece of tape over that area to keep dirt out. It pays sometimes to be a "Tackle Ho'"

So I would tap every inch of a "solid Auminum" reel to make sure it really is solid aluminum.
Higher end reels:
These reels are above about $130.00. Custom jobs can go way above $1,000.00. You can get reels laser engraved with whatever you want, you can also get them anodized in a brown trout pattern, a sponge (looks kinda like clouds) pattern, or pretty much anything you want. Purple is a stock color at a couple of places

Pink can be done. You can have stock reels that match your rod from the same manufacturer. Hardy has the Angel series (I believe the reel alone starts at $1,200.00) but I drool over their cover girl...she's a pretty redhead, in hip waders, with jeans on, and she's flyfishing in the middle of an english river...needless to say, she's my desktop background.
Generally, in this price range, everything is nice, it's just a matter of how "nice" you want it. Reel actions are generally smooth...so are drags. Click-drags still exist here...some of the higher end reels have click drags. Go figure.
Usually these reels will be much lighter than the mid range reels, and much prettier, with some sort of "signature" design. If you stay in the 5 wt range, the middle of this group tops out at about $300.00. If you go above the 5 wt range, you can expect so start out at $400.00 for the lighter reels.
Observations:
Many people prefer cork drags...they require a little maintenance, but many people feel that they are smoother and you can pressure them well. You do have to keep them greased. I have heard that if the cork gets wet (with a 9 ft rod, this is easy to do), the drag force drops dramatically. Pages and pages of stuff has been printed on thie subject of drag materials. Fly Logic as a 9 minute audio file at
http://flylogic.com/audio/floreelextendedtour.m3u which in one section they say why they chose the material that's in their reels.
Most of the higher end reels use bearings...one manufacturer in particular is proud of the fact that it's flagship reel (Galvan Torque) doesn't use any bearings at all, the smoothness of the reel is dependent on the quality of their machining. Some of the drags and bearings will be covered (good for keeping sand out...sand seems to get into everything) and others will be open (better at draining water, dirt, and sand out). Feel free to take a reel out of it's display case and remove the spool, examine what you can see; ask questions, and play with the drag and feel the reel action. Feel the heft of the reel...don't forget to make sure that the reel foot will fit into your reel seat rings (don't laugh, some of them are a tight fit). If you’re getting a high end reel, for some people choosing their reel can be like a Dragon Rider of Pern being chosen by their dragon, the reel calls to them. Don’t be afraid to play with it…it is the least important part of your gear, but it’s the most important decision most people will make for their setup
I think I’ve stated before, in order of preference, the most important major components of your fly fishing setup are:
1. Fly line (don’t skimp, buy the best for what you want to do).
2. Rod (buy the best that you can afford, and upgrade when you can…it makes a big difference in your casting distance, if that’s important to you).
3. Reel (only buy a pretty reel when you can afford to)
Well, I’ve meandered on about fly reels, and probably really said nothing.
I know people that will only buy top of the line stuff, and then end up buying a new rig eventually…I know people (me) that try to go cheap, and end up trying and buying more rods than you can shake a stick at and then they discover that they’ve formed their most important impressions by borrowing someone else’s gear (our Montana guides), someone else who’s a really avid fly fisherman. Oh well, live and learn.
Fish as often as you can and take pics
