For a very good quality, extremely reliable, low maintenances and virtually indestructible reel that you won’t mind letting anyone you take fishing use in sloppy seas without fear of a heart attack if they drop it over, or it getting stolen out of you boat or truck while you are in the convenience store at 5:00 am, I would stick with the Shimano’s.
If you are really interested in a high end reel and you are prepared to shop around, you can get a new Islander MR3 for between $400.00 and $450.00 plus HST. Not that much more than the nock offs and I think you will find they hold their value better than the others because they are better and most want one. You should be able to find a good used MR3 for between $275.00 and $350.00. Keep in mind that Islanders are high care and high maintenance reels and the finish of all powder coated aluminum reels used in salt water will degrade quickly if you are not very careful with it and store it off the rod and rinse it in cold water after every trip. As for performance they can be amazing to play a big salmon on but they can also be pretty bad (drag issues, slip on the rigger etc.) if they are not maintained, cleaned, lubed and tuned up frequently and correctly and no you cannot turn off the ratchet but it is soft compared to something like a Hardy. I think of my Shimano’s as daily drivers and the Islanders as the Ferrari you take out in good conditions on special occasions, are very careful with and work on constantly to keep it performing in the awesome range. In my view there are no substitutes for either.