I absolutely loved my Regal vice (however it wasn't a rotary). I rarely use it anymore due to its propensity to sling small flies out of the jaws. When I first started tying I started with size 12, 14, 16 hooks. As my abilities improved I started getting into smaller flies, especially midges. Found that anything smaller than size 18 was a candidate to fly off across the room as the jaws just didn't hold well enough at that size. Finally after chipping the jaws due to a wayward fly I sent the jaws in to Regal to have them replaced. While the Regal was out of service I purchased a DanVise as a backup. It is a rotary, its' cheap (relatively speaking), and hold flies size 4,6, 8 etc all the way down to size 24, 26 with no problems. I use it far more often than my Regal but I do like the quick opening and closing of the Regal and will use it off and on.
Not really necessary to purchase a high-end vise if you aren't really into the hobby. I've been very happy with the DanVise and would highly recommend looking into one and giving it a try. I do understand however that Regal may now be making a true rotary vise but I just haven't seen the need for it now.