The 10500 is a monster!!!!!!!
That red seal is definitely new and part of the waterproof design. My initial thoughts on the internal quality are, very well made. Barring any unforeseen quality issues, this reel is a huge value for the buck.
I've been touting the Shimano Saraggosa spinners as a great reel for their build quality and ease of serviceability. The new Penn's feel much more substantial and there are reasons that I now would choose the Penn over the Shimano. The waterproofing is just one aspect.
When you get you're reel, you will understand what I'm talking about.
