1. The long length makes it easier to pick line up off the water for casting, makes long casts easier, makes it easier to mend the line to get drag-free drifting of dry flies, makes "high stick" nymphing easier, etc.
2. Cane gives much slower action than modern materials, which some find advantageous for certain fishing. It is also much more resistant to damage from hook impacts, weakening from vibrating against a boat gunwale while underway, etc., and has that classic, old-time look and feel that some love. I fish graphite rods.
3. The drag is there if you need it! Lots of small, single-action reels have only the light drag of a clicker to prevent spool over-run, but a drag is pretty nice to have if you hook into a big one! The fly fishing tippet can be of some pretty low pound-test rating and a quality drag can be a great advantage.
4. A floating line is the most-used line for most fly fisherman. You can fish floating and sinking flies and bugs with a floater. For deeper fishing, there are sink-tip and full-sinking lines.
Get a fly rod outfit with the proper matching line, some casting pointers from an experienced fly fisherman, a few reference books and maybe a casting DVD or two, and have some fun!
Tight lines,
Bob
