Is this a good reel for finesse fishing?  I just was wondering if it could cast very light baits as good as a spinning rig.  Could it replace the spinning reel altogether?

I don't own any spinning equipment so can't provide you a comparison, however the BPS finesse combo (matching ML rod) is what I use for throwing very light cranks,etc and it works good for me. This is the only non Shimano reel that I still own.

It has a pretty good reputation, even among the hoity-toity Japanese reel crowd.

I bought a combo 2 or 3 years ago if I recall correctly I paired the reel with a 6'6"ML rod. I throw down to 1/8 ounce baits but for the real light stuff nothing beats a spinning outfit even for this diehard old bait caster.

believe it or not, the prolite finesse is actually a great reel. it will not outcast light lures as well as a shimano chronarch 50MG but comes pretty close.

as for replacing a spinning reel, the answer is no for anything 3/16th ounces (total lure weight) and under. spinning gear also works better when you need a fast, unimpeded freefall (e.g., dropshotting).