As I slowly transition to nicer gear. What would be more beneficial, nicer rods or nicer reels? Are reels like the Metanium or Steez worth it?
"Worth it" is completely subjective. "Sensitivity" and "smoothness" are also subjective.
In the end it's more about YOUR opinion as to the characteristics of the equipment.
There are differences in rods and reels that do make an objective difference.
Carbon fiber IS lighter than fiberglass.
Ball bearings DO LAST longer than bushings.
Aluminum reel frames DO have less flex than graphite frames.
Lighter equipment is shown to produce less fatigue.
One increase in cost of the reels is to due the cost of materials:
Injected plastic side covers are cheaper than graphite which in turn are cheaper than machined aluminum or magnesium covers. Graphite is lighter but flexes more than aluminum. Magnesium is lighter still but remains stiff. The manufacturing costs and materials are the highest for magnesium.
Higher end reels have better bearing surfaces. Not all ball bearing are the same and in some instances may be worse than high quality bushings for durability.
Many reels tout a high bearing count but they are cheap bearings that will feel like gravel after a season of fishing. Shimano and Daiwa have bushings in some spots but they are high quality and will last for years. The very low end reels use cheap nylon bushings. Bearings with ceramic balls will be the most expensive due to material and manufacturing costs but are lighter and provide the best performance.
In some cases you can take a $100 reel and turn it into a $200 reel by changing out the bearings and a few other key parts. I have done this on Lews, ABUs, and Bass Proshop reels. If you are handy you can shop around for replacement bearings for your reels and change them yourself.
Rods are a little different is that is depends more on the build. Yes, there are different types of guides, many of which are much better than plain steel frames. The care in the rod build such as aligning guides on the spine, the number and tightness of the guide wraps, guide alignment all make a different in how the rod performs especially over time. I have had a poorly aligned rod that wanted to roll under a load. Not fun to fish.
Rod blanks can vary widely in quality and features. In most cases a very light blank can transfer vibration easily but can also break easily too with the slightest abuse.
For me it has been more productive to buy better equipment. I find it lasts longer and is more trouble free. The key is to find the sales!
Be patient and wait. Nothing wrong with "last year's" equipment.