If you keep the blades sharp, and the grass ain't ready to cut, rake and bail ... they work quite well.
However, the price and availability of lapping compound (inflation adjusted) just ain't what she used to be.
To get anything but some HUGE tub, you have to buy a stinkin' sharpenin' kit AND order it on line. I do not need a freakin' chip brush or crank. I use a half inch cordless drill and let 'er rip and I buy chip brushes by the box.
Really one good fall sharpening, before you put 'em up fer winterin' down .... is all that most need.
It's kinda fun to shapen 'em, so I do it a couple of times a season.
When the reel and bottom blade are properly sharpened and aligned, they really give a very nice cut. To me, better looking than a rotary, but that's just "to me".