Here is a post I made earlier in response to another question (I'm sure others will chime in as well):
I've fished it as a creature flipping (like a beaver style bait), jerk bait, jig/worm presentation (letting it sink and lifting it off the bottom and letting it fall). It looks just like a dying shad - really looks just like one.
My favorite way to fish it so far has been casting it up shallow with an arc so it splats on the water. Bass think it's really a fish and they hammer it within seconds of it starting to sink.
I haven't fished it this way, but I think it would be incredible as a drop shot bait. It's small enough, but also big enough that it should produce quality Bass and trophy Smallies. I haven't proven this, but I'm pretty confident this will be the case. Remember, dying fish swim on their side... I need some of our Northern boys to help me out on this one.
Jason