Both are very fine rods but the 1510-3 is a bit faster and feels a slightly bit lighter in the hands. I would call the 1510-5 more like a 9/10 rod........ I personally like the 5 piece better, it is very good for underhandcasting without efforts and I also like the only 39 inch tube !!!
I own the 1510-3, and have cast the 1510-5 many times. As lowlander has mentioned, the 1510-3 is marginally faster than the 1510-5 and weighs marginaly less (you'll never really notice these differences though when fishing with the 1510-5). I find myself recommending the 1510-5 to others simply because it is so easy to transport. Heck, you could easily put it into a subcompact vehicle and have room to spare. You cannot do the same with the 1510-3.
The bottom line is they are both excellent 9/10 wt. rods. You would not be unhappy with either of them. Therefore, pick the one you like best, the 5 piece for ease of transport, or the 3 piece for fewer sections.
You know I find it damn ironic that a faster rod has less sections and the slightly slower rod has more sections when you consider how ferrules impact the action of the rods (even with advancements in ferrule design now a days which minimize this impact). Sage's old line of two handers were like this too. Their Euro's had 3 pieces, their Traditionals had 4 pieces. Weird?
The diffrence is quickness between the T&T 1510-3 and 1510-5 is so slight that unless one is a good spey caster and goes immediately from one to the other with the same line, the difference would never be noticed. This is very different than the difference between the Sage traditional 4-piece and Sage Euro 3-piece rods.
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