It's a very interesting concept and idea, as CM said, going back to the days of Walton/Cotton and Dame Juliana.
The rods pretty much seem to be a refined version of the telescoping fiberglass/graphite bream/crappie cane poles that have been around most sporting good stores forever. Granted the U.S. version is much less refined, but they usually sell for about $10 -
http://www.cabelas.com/prod-1/0031278115799a.shtml
The one thing I do very much recognize is that the line is plain and simple what we call a furled leader. Again very traditional, something Isaac would instantly recognize. However it is a pretty expensive furled leader. I'll sell you one for $5.
The flies seem to be pretty much basic soft hackle type patterns for the most part.
I think it would be a fun way to fish in some situations, I'm not sure you can't come up with a slightly less refined set up for somewhere less than $20 if you would want to give it a try.
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