With the recent Bassmaster Classic win, KVD reminded many anglers how effective a lipless crank can be in cold water. He wasn't alone as most of the top 10 guys were throwing trap style baits. I came across a good article that not only talks about fishing lipless baits but also on the differences between the wide variety of styles available and the techniques each is best at. It also touches on the best setups for fishing these baits and gives a sample worksheet to help you identify baits you should use. Here is an excerpt....

"Lipless cranks may all look somewhat similar, but an important point to realize is that not all lipless cranks behave the same - unless you just chunk and wind them. It's fair to say that most bass anglers today, that's all they do with lipless cranks - chuck them out and wind them back in. If that's all you want to do, then stop reading right now and go use any lipless on the market - and you should have success. Most are good to "chuck and wind" straight back.
If you want to do different things than that with them, you need to realize not all are the same. There is a big difference in what you can and can't do with different brands/models of lipless."

Check out the full article at http://www.bassdozer.com/articles/lipless-crankbaits.shtml
A good read and hopefully it helps you catch a few more bass this season.

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Thanks,
Sport