I own both reels in question, and fished the 300TE yesterday for the first time. If you can afford it the 300TE is one sweet reel. I didn't think it would cast that well considering the level wind is non-disengaging. However, this thing cast's like it's on steriods!

I agree with Leif, the price tag on the 300TE is hard to swallow. Thankfully I won mine.

The Diawa is a very nice reel, but it only holds about 15 yards more line than a standard Calcutta 250. The Diawa cast great, and the mag break control is wonderful. It is well made, but there are things I dislike about the Diawa. The disengaging level wind could be a bad thing. While it lets you cast farther, it also means that the level wind isn't lined up with the line coming off the spool when you hood a big fish. This means you don't have 100% drag until it's lined up. The drags in the Diawa suck! But they can be replace with Calcutta 400 drags. Once you replace the drags, you will notice a big difference in smoothness.

If it where my money, I'd probably buy two Diawa's for less than the one 300TE. But then agian I want the most bang for my buck. Then again nothing (and I mean nothing) compaires to the TE.