Skillfully executed, both systems make good rods. For most of the history of glass and graphite rods, though, spigots won out, due to the complexities inherent in designing and making rods with tip over butt ferrules. Simply making separate blanks where the bottom of the tip fits securely over the butt will rarely result in a great rod since you are mating dissimilar tapers. When this method was standard, people complained that multi-ferruled rods didn't cast well, or at least not as well as their two piece counterparts.
It's no coincidence that those complaints subsided at the same time the major rod makers started making tip over butt ferrules with more finesse, using names like "slim line" and "IPC" to describe their new offerings. The bottom line is that multi-piece rods became competetive when makers were able to incorporate ferrule design into the action of the complete rod, making tip over butt rods much more like bamboo rods, where each section's taper is designed to compensate for the ferrule at each end to create a rod with something as close as possible to one piece action.
Spigot ferruled rods are usually excellent, and typically come from small production shops. They are made from cutting a single blank into sections and gluing solid or thick-walled hollow plugs into the male side of the section, then carefully sanding the protusion so it fits the female side perfectly. The problem I see is that you start with an ideal (the single piece taper), then introduce one or more pieces of material design to have the right amount of flexibility to not ruin the rod's action, enough friction to hold the rod together under casting and fishing stresses, enough toughness to hold up for years, and weigh as little as possible. All of these requirements require compromises and expert attention to detail, and are very difficult to replicate in a factory environment. They were the standard by which glass, then graphite rods were judged for decades, but I believe Sage and Orvis, and probably a few others that I haven't cast, have moved ahead of them with their tip over designs of this century.
Sleeve ferrules, like those seen on the original Orvis graphite rods and some of Winston's and Sage's early rods, were long considered the toughest design, and they held on for a long time, especially in rods made for big game fishing, but they have virtually died out due to their weight, effect on rod flex, and bulky appearance. They were more popular on two piece rods because more than one of them on a rod meant that you had a heavy, bulky sleeve close to the tip, where it did the most harm to casting action. I have used sleeves occasionally when turning one piece casting and spinning rods into two piece rods, but that was because I didn't have a better or more economical option at the time. I always mounted them asymmetrically (tip longer than butt) to move the weight as far down the rod as possible. Notice that some of Orvis' iconic graphite rods (Far & Fine, Ultrafine, All Rounder, eg) were sleeve-ferruled with asymmetrical placement. CC
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