That is a good questions. It is a cast reel but they seem to think their cast reel is better than others. I would have preferred a cast/machined reel. It is good that they use the same drag. I don't particularly like the big KONIC on the side of the reel. I like the looks of it better than their Litespeed model. Seems to be a good reel in the $100 price range.
Here is Waterworks description.
Introducing the new Lamson Konic
Our goal is to bring the best technology in reels to any given price point. We’ve now addressed the important $100+ price point with Konic. Please read on to find out what makes Konic a better reel than any other comparably priced alternative.
When designing the Konic, we started with one given: to incorporate the same fully sealed conical drag system and stainless steel roller clutch used in our high-end reels. The drag system in Konic uses the same fully machined parts, made of the same materials, and to the same specifications, as the drag used in the $400+ Waterworks reels or any of our other high-end reels. This is the principal benefit of the Konic versus competitive reels. What other $100+ reel can say that it shares proven drag technology with a $400+ reel?
In order to deliver this expensive drag in a low-priced reel we are die casting the frame and spool. But this is no low-end die casting. This is Pressure Casting with molten ALDC12 aluminum alloy injected at 1,080 kgs pressure to ensure consistent, smooth and strong parts with lower porosity. Contrast this method with the Gravity Casting used by competitors. Our frame and spool are solid single-part pieces. Again, contrast this with 2-part cast spools that our competition uses. Once cast, the frame and spool are “skim cut” on CNC machines, a process in which a thin surface layer is cut away to provide a finish comparable to fully-machined reel.
We use a 100% solid polyurethane coating to provide a finish that is very resistant to gouging and abrasion. Contrast this to the weaker electrostatic paints that competitive reels use.
The Konic is a lightweight, true large arbor reel. It’s strong, good looking, well put-together and frugal. These are virtues in a fly reel, or a spouse. We can’t help you with the latter, but now we can ship you the former. Konic will be available beginning late August ’08 in a 5-6 weight; and followed in early September with a 3-4 weight. Larger sizes will be available in early ’08: