orvis stopped making CFO click and pawl reels a while back and replaced them with disc brakes. This was really not necessary on a small trout reel, and a few years back they re-introduced the click and pawl in a limited edition of 400.
As you know the originals were made in England by Hardy, the new ones are manufactured in Korea, I believe.
I guess sales aren't what they expected and they have now lowered the price from $395 to $315. http://www.orvis.com/store/product.aspx?pf_id=1L8C&dir_id=1137&group_id=1157&cat_id=12021&subcat_id=12022
Of course you can often find the originals in decent condition on ebay for less.