I guess that BPS reels are controversial in that some question the long-term servicing and parts availability. However, they seem well made and offer features (like dual braking) that are only found on reels costing much more. This year, I bought 2 Pro-Qualifiers, 1 ProLite, and 1 Rick Clunn direct from BPS - I got all of them on sale at $80 each. I bought another 2009 model Pro-Qualifier off of eBay for $40. All 3 of these models have dual braking (both magnetic and centrifugal), good bearings, and seem to be great values for the money.
The dual braking is just great. For most baits, I set two brakes on the centrifugal, then I have the magnetic to fine tune for a specific bait or wind condition. I was throwing a 1/6oz bait with the ProLite the other day, INTO a pretty stiff wind, with no backlashes - just had to crank in a bit more mag braking and still had good casting distance. Other than stopping the spool at the end of the cast, you can literally tune these to cast "thumb-free."
I have not personally used the Extreme reel but have heard many people say (as was mentioned above) that they should be considered the entry-level of the BPS line and to not go any cheaper. I have been tempted to pick up one of the $99 Extreme rod/reel combos, but I'm getting pretty spoiled with the dual-braking and don't want to go back to mag-only.