I sailed my old H16 once with no jib and a single-reefed mainsail. I was 16 at the time (~135lbs) and sailing single-handed. It was in a very protected bay, and I was still hiking out going upwind. I could still trapeze on a reach, too.

Being able to reef means you can sail in a lot more wind conditions, and since it can be done on the water, it's a nice safety feature when the storms come up.