This reel has no braking system. What does this mean for the reel? What does this do for the fishing? And to anyone who has used one, how do they perform?

I only fish Pflueger, and this reel is crap. The spool tension knob is the  primary cast control, I would not touch anything beneath a Trion, which is all I use, many have gone to the Patriarch

Trions are 100 bucks new/ found used for 45 and are great and dependable reels.

I just took one apart and fixed it for my buddy.  It does have a braking system under the palming plate.  It is a 6-pin adjustable centrifugal brake system.  I would not recommend the reel since he has had a problem with it and has owned it less than a year.  

Go with a Shimano Citica D series for around the same price, better reel in my opinion.  For about $30 more you can get a newer E series.