Kirk, I'm new to kayak fishing, having just bought a 14' Redfish Angler less than 3 weeks ago. I've been out in it 3 times under gentle conditions. Before my purchase I researched the dickens out of kayaks and my experience so far bears out my theoretical knowledge. Take my advice with a grain of salt but I think it will be pretty close to right or I wouldn't offer it. There are two kinds of kayaks - sit on top (SOT) and sit in kayaks. The Redfish is a SOT and the Native Ultimate is a sit in kayak. They're both good for fly fishing but they have different purposes. The Ultimate would be my first choice for fishing lakes, ponds, and sheltered water. It can be swamped and you need to know how to unswamp it - and you'll be in that 40 degree water while you do it, if it ever needs to be done. Its a stable kayak and highly recommended for fly-fishing by many users. It will probably be my next kayak. The reason I went with a SOT kayak is because they're essentially unsinkable - but that doesn't mean you can't get dunked or wet. You'll still have to deal with 40 degree water! The SOT kayaks are rotationally molded and have a fully sealed hollow space that floats you and your stuff. There are holes in the bottom called scuppers and any waves or other water that gets into the kayak drains out. The design of the kayak is such that the bottom where you sit is somewhat above the water line - hence the water drains out.

The FS10 by Old Town that you're looking at is a sit in kayak. For fly-fishing in particular, I'd encourage you to look at the Native Ultimate before dropping $500 on the FS10.

You mention fishing small rivers and maybe reds (I'm not sure). If the small rivers don't have rapids, the Ultimate would be my first choice. If you wanted to go out in the Gulf (or for me its the Chesapeake Bay) you really should be looking at SOT kayaks. There are many good ones - the Hobie Revolution as mentioned and the Heritage Redfish are just two. If your planning to go down rapids I suspect you'll want a shorter more maneuverable kayak than a 12 or 14 footer. You'll probably be looking at SOT again but not necessarily (there are skirts you can get to keep a lot of water out). Bottom line, one kayak can't do it all very well - but there are kayaks that you could fly fish from that will be suitable for just about any environment where you'd want to take a kayak.

As for paddles, I'm told you need one to fit your kayak and beyond that everyone told me to get an asymmetrical carbon fiber paddle. That's what I use and so far it seems reasonable. I figure when I've done this for a few years and have found the limits of my equipment I'll know what to look for in my second paddle.

Just one last note - you'll be sitting low and I'd recommend an 8' rod and careful attention to your back casts or you'll be slapping the water. This isn't a theoretic issue, if you catch my drift.<g>