I personally fish fly rods from 4 different vendors that I sell, but the one I have fished the longest, and keep enjoying immensely, is my Elkhorn Traveler 9' 3wt.  In my humble opinion, it is, Hands Down, the "BEST" fly rod, for the money, on the market today.  

Do I sell Better fly rods?  YUP!  But do I sell better fly rods for under $200?  NO WAY!

Elkhorn Outdoors, LLC, was established in 1990 and is located in Loveland, Colorado. This small company was founded on the vision of crafting quality fly rods and reels for down-to-earth fly fishers who value fine, honest performance. With focus on product affordability, unmatched warranty service, and perfect fly presentation, Elkhorn rods and reels deliver on all accounts. In fact, Elkhorn is often credited with revolutionizing the industry by introducing a whole new breed of fly rods and reels to the marketplace at a reasonable, sensible price point. Elkhorn now offers over 50 models of high performance, affordable fly rods in weights 1 through 12 and 10 different models of reels. Three and six piece spey rods and hand crafted two piece, two tipped, bamboo rods are among the latest offerings.
Elkhorn added to its success in 1998 by introducing precision machine cut fly reels to the affordable lineup. There are no "die-cast", or inexpensive shortcuts taken in the construction of these quality fly reels. Currently, two series of Elkhorn fly reels, the MA and T series, are offered to perfectly complement our fly rods.
With the increasing popularity of Elkhorn outdoor gear, the company now offers opportunities for resale of all our product lines worldwide. We look forward to meeting the challenging opportunity of supplying quality fly fishing gear and accessories anywhere it is desired. Already we have resellers in all corners of the world. No glitz, no glamour, no slick advertising, no hefty price tag - no nonsense.