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They don't seem quite as popular as they used to be; also manufacturers only have one or two in their rod line up.

Is there a specific application that they are good for? Without having actually used one, they seem as though they'd be good for lighter line and lures...

I could be totally off base but I have always associated them with spincast reels and have only ever seen them used for panfish.

I'm assuming that your talking about the casting rod with a short rubber handle, that got wider at the butt. I had one and wasn't a big fan. The rubber feels good at first, but after awhile it'll rub your skin. I also found that the rod was too much weight forward and caused wrist fatigue. I still use a casting rod with a trigger. I Like the long handle best and I prefer cork. The long handle balances better and is easier on the wrist. You can also cast with two hands if you want to fire a rocket.

I have had several and love them.
I can cast with one hand and not worry about losing the rod.
I will only use a cork handle as that is what feels right to me (I also hate the split grips and the one piece will be coming back soon)
It is often difficult to find a rod with the pistol grip handle that is right for what you want.
I used to have a medium action rod 6 foot that I used for casting the small fat raps or medium size big O to rock piles or rocky shore line.
I now only have a medium heavy, still 6 foot that I use for larger spinner baits.
David

I know some guys use them as kind of a sniper spinnerbait rod.
Not sure if it's a casting accuracy thing or what?

I thought they were mostly used for skipping docks....back then!

Prior to the mid-late 80's all casting rods were pistol grips in 5'6" and 6'0" lengths with a stiff action in one piece. Later telescoping 7'6" Flippin rods came out followed by what they called Pitchin rods mainly 6'6" but also in 6' and 7' lengths. Spincast rods were similar but in 2 piece and lighter action.

They were in my mind more accurate than today's rods however they lacked the leverage you get with todays longer handles.