The Click and Pawl is one of the first fly fishing reels I ever owned. So as we have discussed the Disc Drag is superior in many different ways, but does that mean that the Click and Pawl is not useful or does not have its place in fly fishing, of course not. The Click and Pawl was really the first fly reel on the market. These things have history behind them, and they make nice collection pieces as well. There are many variations of the Click and Pawl as you can see here and they still produce them as well. When fishing smaller fish the Click Pawl reel will serve you very well.
Most click and Pawl fly fishing reels are best suited for small game fish, stocker trout, bullgill, and so on. The reel does not provide the smooth braking action of the disc drag but it does provide some fish control and back lash control as well. Of course the big issue is the Click and Pawl system may or may not have tension adjustments. If it does have adjustments it is very limited. I was once told that a fly reel is really only a place to hold your line. The Click and Pawl is what he was referring to, I know now that this is not always true but in small game fishing it is a fitting reason for these reels.