WE'RE SHIVERING IN

a small red canoe, staring out at the calm waters of a trout pond in Cashiers, N.C., deep in the Blue Ridge Mountains. But neither the cold nor the occasional dragonfly is bothering our boatmate, expert fly-fisherman Chad Foster. He's perched at the bow, focused with unblinking intent at the end of his line 60 feet out in the water. He teases the line in, inch by inch. His eyes narrow. There's a twitch where line meets water, and Foster flicks the rod. Up flies the line but within a second it shudders to a halt. Something under the water doesn't want to let go. Foster again flicks the rod, and a 3-pound rainbow trout bursts 5 feet into the air. Another successful catch.

Some anglers equate the experience of catching your first fish with a fly rod to having sex for the first time. We're not so sure about that, but fly-fishing has come a long way since Brad Pitt immortalized it in the 1992 movie "A River Runs Through It." That helped make it one of the fastest-growing segments of the $5.3 billion fishing-equipment industry. And like with all booming hobbies, prices for even the basics have skyrocketed. Would you believe a cool $600 or $700 for a fly-fish rod?

Indeed, not long ago aspiring anglers could pick up a simple bamboo rod and go fish. But while fly rods still look pretty much alike a brown handle and reel attached to a several-foot-long flexible tube a decade of innovation has made them more convenient and high-tech. For those who want to hop a plane to their favorite fishing hole, the rods collapse into four or six sections, versus two. And instead of bamboo, they're now made of graphite or boron fiber, materials you might find in aircraft parts. Manufacturers muddy the waters further by classifying fly rods by their "action," flexibility and "weight class" the strength of the fishing line it can hold. Generally, a rod has to be heavier to handle heavy fishing line or at least line with a formidable fish at the end of it.

That's why we're out in a canoe with Foster. Like a lot of fly-fishing loyalists, he learned "the art" from his father when he was a boy. He went on to become a professional tennis player, launch a career as a motivational speaker and write three books for teenagers. But he also stuck with fly-fishing and estimates he's caught thousands of fish in his life, many of them in his role as host of ESPN's "Fly Fishing America" for more than 10 years. (His biggest catch: a 140-pound tarpon.) Knowing we're total beginners, Foster suggests we try rods that are roughly 9 feet long the most versatile length, he says and that accommodate a midrange "five-weight" fishing line. We shove off from shore with five of the latest models in that range, in search of a great catch.

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Foster explains that the best rods are those that are lightweight but still offer a lot of strength. With that in mind, we hand him the

G.Loomis StreamDance GLX Trout Fly

($625). Most rods on the market today are made from a graphite composite, but G.Loomis uses a stiffer graphite to deliver power for longer casts without weighing the rod down. Foster flicks the rod up and casts the fishing line, which zooms out an impressive 65 feet before a delicate landing on the pond's surface. The weight, only 3.25 ounces, also impresses Foster: He notes that it took little effort to make the cast.

After 20 minutes we hook our fish, a feisty rainbow trout that puts up a surprising fight before finally submitting. Fortunately, the StreamDance has good flexibility and is very forgiving, Foster says, which makes it ideal when battling with a fighting fish like this one, which he estimates is about 1 pounds. (Three pounds is an average catch; 5 pounds is big.) Still, he thinks this rod is suited for casting with larger, heavier flies designed to sink beneath the water's surface. A G.Loomis spokesperson says the StreamDance is an all-purpose rod and can be used for all types of flies.

We move on to the R.L. Winston Boron II-MX ($655), among the few commercial fly rods made from a composite of boron and graphite. The company claims the boron makes its rods stronger. At the very least the green tube gives the rod a space-age look. But the appreciation ends there. "It's a little clunky," Foster says, and he doesn't think it has good balance at all. Plus, he says, it's stiffer than the others, so the rod isn't as forgiving when trying to land a feisty fish. "The more tension on the line, the easier it is for the fish to break off with your fly," Foster says. An R.L. Winston spokesperson says that the company hasn't gotten any negative feedback about the rod's balance.

Next up is the Scott G2 ($675), made of a carbon fiber that the company claims allows for great touch and feel. Foster, however, is not impressed. The rod is too soft for his taste and is actually too flexible when he moves his arm back to cast. This rod casts its line a much shorter distance than the others did. After more than 15 failed casts, Foster tries a different fly and casts again. Immediately, a trout bites. Foster takes a long time to set the hook, but here at least the G2's flexibility is a bonus allowing for an aggressive fight without fear of the fish snapping the line.

Before Foster uses the next rod, the Temple Fork Outfitters Axiom ($250), he admits he's a fan of the product line. The blue hue of the rod stands out nicely, and the Kevlar embedded within its carbon layering allows for more power and longer casts. Foster attaches his fly to the line and sails it out a good 60 feet, cooing, "Ooh, nice," as the fly hits the water. An aggressive rainbow quickly takes the fly but refuses to come in easily. Foster seems to be enjoying this one, noting that the rod's flexibility holds up well in a fight. But the rod is a bit on the heavy side, weighing 3.6 ounces, which sounds feather-light but could get heavy during all-day use. At its price, though, Foster thinks the Axiom is a good deal. "It's the rod to get for your son or grandson," he says.

All the companies tell big fish tales about their rods, but Orvis, the maker of the ZG Helios ($755), takes the prize for most boastful, claiming to be the lightest rod and still "bundled with uncommon power." It sounds fishy, but Foster is impressed by the rod's light weight. On the second cast he snags a rainbow trout weighing in at more than 3 pounds: "Yeeup, that's a pig!" The rod, he says, handles very well in a fight, as we witness later on, when Foster catches two more fish with the Helios. He thinks he could go all day with this rod and "not feel like I'm lugging around a baseball bat." Back on shore Foster is still lauding the Helios's versatility and lightness. He feels the rod lives up to its bombastic claims. "It's in a class all by itself," he gushes. "It's going to be the rod by which all others are judged." There could be no clearer words to describe our SmartMoney Award winner.