There's zero drag on the shot. You create drag on the retrieve by pulling on a trigger as you crank in the line. (easier to do than explain)
As for the AMS vs spincast reels question.
I can tell you that I love my AMS retriever reel. It's the same AMS I've been using for 10 years. That in itself says a lot.
The pros of a retriever.
*You'll pay more for a retriever in initial cost, but it will outlast a zebco or synergy many times over.
*It also holds heavier line, which means you will probably lose fewer arrows and won't need to re-tie arrows after a few gar.
*Zero drag. If you forget to push the button on a spincast, your line will stop but your arrow will probably keep going. (and even a cheap bowfishing arrow is expensive.Lose a couple of arrows with your spincast, and that AMS will look even more economical)
*When used with safety slides, they are probably the safest set-up out there.
*You can still put someting in your stablizer hole (like a Hawglite) since the retriever mounts to the side of the bow.
*I use a retriever and you shouldbe cool like me. (hahahha!!)
The cons of a retriever.
*More intial cost
*Spincasts are a bit faster in reeling in an arrow.
*On bigger fish, you'll pull the line in hand over hand instead of reeling it in. (I'm not sure that's really a 'con')
*You have to be sure to point the retriever in the direction of the line on the retrieve. This has always been easy for me, but it seems some people can't get the hang of it.
In the end, it becomes sort of a Ford vs. Chevy kind of thing. Many of my friends use spincasts and love them. The love them even as the lose arrows and they talk about needing a replacement reel or fixing thier old one. heh heh heh....
They're certainly not a waste of money. If you bought one and hated it... I'd buy it off of you.