I was over at Bass Pro Shop tonight checking out gear and talking to the guy in the fly fishing department. I told him I was looking for a very light reel and he recommended I take a look at the Browning Black Canyon reels that they have on clearance. I've seen them but never looked closely--I've found some other Browning merchandise to be a little mediocre, but I checked out the smallest model in the line and came away impressed. It's listed at 2.8 oz and I was comparing it to an Orvis BBS1 at the same time which is a 3.2 oz reel (I own one and love it). The Browning felt like a very smooth lightweight reel. They're regularly $149 but are being cleared out at $99.
It might be worth a look if you're in the market:
Browning Black Canyon