I have both the calcutta te and bought the calcutta conquest from Japan tackle. I use the te on a salmon rod and the conquest for steelhead, I like them both, the conquest is lighter even thought they are the same size. Its the top of the line.

 

Here is an excerpt from tackletour.com..I am a big fan of their site on hard to find tackle and they due a great job of testing and issueing tackle reviews.

Shimano: Shimano won the ICAST Best of Show Award with a souped-up Calcutta. Tackle fans will recognize the Calcutta TE DC as the same reel recently introduced in Japan under the Calcutta Conquest DC name. This reel uses a digital cast control system which achieves optimal brake performance by relaying reel conditions back to the processor at the speed of 1/1000 sec. The computer can then make minute adjustments allowing the spool to have higher initial speeds then any conventional brake system, and helps boost overall casting distance. While Shimano was giving quite impressive cast demonstrations at the show we still had many unanswered questions, like how does the cast control apply force to the spool? How is the system powered? How durable is the system, and can it really resist the elements? This reel is slated for introduction into the U.S. sometime this summer, and we will continue to report on any details we learn. From what we saw this may be the most innovative reel we have ever seen, at the very least it certainly is the most advanced.

Key Update: (7/22/03): Shimano media contact John Mazurkiewicz was very supportive in answering all our questions regarding this exciting new reel. We learned that the Calcutta TE DC stores its own power generated by spool rotation to operate the spool braking system. The digital braking system uses eight pre-programmed braking patterns applied via an electromagnetic system. The digital circuit board is indeed sealed to prevent any moisture from penetrating the heart of the system, so corrosion of these advanced components is not a concern.
Being that this system allows the spool to continue to accelerate throughout the cast — up to 30,000 RPM — before any braking action is engaged, “these reels will provide anglers with hard-to-believe casting distance,” states Jeremy Sweet with Shimano’s product development staff. “As the circuit board activates the electromagnetic brakes, they respond by applying the ideal amount of force needed updated every 1/1000th of a second to keep the line tension as close to zero as possible to minimize any backlashes. Achieving long distance casts that keep your lures in the water longer, little worry about backlashes, and other proven features including our exclusive A-RB anti-rust bearings, all take reel technology to a next level,” Sweet said. “The new Calcutta TE DC reels showcase what Shimano is all about – innovation so anglers can enjoy their fishing experience even more.”
The Calcutta TE DC reels are simply the most advanced reels we have seen this year. The suggested retail price is 499.99, and judging from the information we have thus far been fortunate enough to learn, we expect many anglers, including us, will be more then happy to shell out five bills for this contemporary reel!​

 

The DC is a totally different model. the calcutta conquest is the Japaneese version of the calcutta te with upgrades by drilling holes to make it lighter and having more ball bearing to make it a little smoother, also has forged handle and star drag, the drag has micro click feature, Its a step up in quality than the te and cost about 50 bucks more, to me its worth the 50 bucks. Half the fun of fishing is buying the stuff you don't need, but want.

 

I've had them both side by side and now have the Conquest. The two models I was able to compare were the Calcutta TE200GT and the Conquest 200. They are mechanically exactly the same aside from a few features. The Conquest has both a click adjustment cast control knob and drag. Cosmetically it has the drilled side plate and a few forged components (handle and drag knob). It's also noticeably lighter I ended up with the Conquest only becuase I found a great deal on one I would have been happy with either the TE GT or the Conquest.