I have the exact same reel, I wasn't that fond of it at first but I love it now. I have few issues with back lashing if any..more overruns if any at all. The trick for me is to keep the spool tension a little more loose than normal. Brakes go up to 5 max now if that. The reel is smooth, really smooth. I have 12 fluoro on it for jigs and it sends them flying. The spool holds a lot of line.
Like others said you can get it off the bay cheap and the more upgraded reels for around the msrp of the MG or slightly more.