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I prefer level, but you should try both. Some people like one, some like the other.

Could you tell the difference? You could tell the difference blindfolded, casting with your off hand even if you'd never picked up a tenkara rod before (same thing with a Daiwa vs. a TenkaraUSA rod)....

Fountainhead. Early on, I truly believed that the hard case was important (TenkaraUSA provides a hard case and Fountainhead doesn't). I have since changed my mind. The high end tenkara rods from...

For reviews of all the TenkaraUSA rods and all the Fountainhead rods, plus a few others, you could start here: http://www.tenkarabum.com/tenkara-rods.html

They say all you need is a rod, a line and a fly, but you will also need tippet, nippers, forceps, etc. Since you are probably already a fly angler, the only thing you will definitely need is an...