Two reefs - 12 years - lot's of wind and waves - never wished for a different setup.

Our Caliber 40 has a custom built over sized (foot is 13" longer than standard and quite a bit more roach) Spectra main with two reef points. The first reef goes in at 15 knots apparent upwind and 20 knots apparent downwind. The 2nd reef goes in at 26 knots apparent upwind. In any downwind (beyond 120 degrees apparent) over 28 or so knots we drop the main and use just a headsail or staysail. When the steady wind hits 45 knots and we need to go upwind we put on the trysail and small or very small staysail (we have three staysails from big to tiny) and have demonstrated the ability to beat to weather in 45 - 50 knots.

We've done a fair amount of offshore/nearshore/inshore sailing in full gales to storm force winds and have never felt that our mainsail was un-managable. The North Sails Seattle designer that drew the plans for the main has many transpacific crossings to his credit and a lot of coastal delivery experience. He sailed with us twice in small craft conditions and once in gale conditions before he designed the sails (trysail, main, genoa, two staysails, Code 0). He was adamant that the two reef system was best for our cruising boat. We bought the whole package of sails as an integrated design - made specifically for our boat and our plans.

We have always felt safe and secure with our two reef main sail.