I have had this reel for a few months and I think I have used it enough to form an opinion. I bought the ZERO (New for 2015) because I bought a 2wt Redington Classic Trout and I didn't want to buy a spool for my Ross Evolution 0 that I use on my 3wt. The ZERO in the 2/3 size is pretty light for a cast reel. It comes in at 2.7 ounces according to the website- though I have not weighed it myself.
I got the matte black color because I thought it would go with my rod. The finish is nice and seems durable. I did not think I would like the look of the reel... and I don't- but it has grown on me a bit. The drag is a simple clicker with two settings. I found both settings to be pretty well dialed in. I will probably use the lighter setting mostly. The sound (which is important to many of us) is mediocre and a bit plastic-y.
The ZERO comes in a nice cordura case just like every other Redington reel. The price tag is probably the best part of the ZERO. At about 90 bucks, you really cannot go wrong with this reel for a lightweight setup. It is sturdy, lightweight and not too bad looking. The reel is not machined- but Redington claims that the design is "unmachinable"- which I suppose is a good thing. Of course, for 90 bucks- you cannot expect a machined work of art. If you are in the market for a lightweight workhorse reel for your 2-4 weight, I would definitely give the Redington ZERO a look. (The ZERO pairs very well with a Redington Classic Trout 2 weight- which has already landed some decent fish and is more fun than a greased watermelon.)