There are many theories on it, in terms of rise, sink, true suspension. I fish the Vision110 Silent Riser an awful lot, and I catch an awful lot of fish on it- the theory of not wanting a jerkbait to rise. I believe Mike was misquoted on that- he doesn't want a jerkbait that rises in very cold water. At least that's what I've gathered from conversations and from writing he's done on the subject.
I'm very particular about jerkbaits, because there are specific things that I want them to do. A huge portion of my annual catch is attributed to jerkbaits; I'd go so far as to say that it's a full 1/3 of what I do every year.
When it comes to what I'm doing in terms of which style, and the floatation of a bait, I'm almost always looking for a true suspending bait. That said, it's only at specific water temperatures that it is going to do that. I would prefer a bait to rise slowly in a nose down attitude than I would prefer to fish a sinking bait in cold water. I select my baits a lot by what I'm fishing them over, or around what sort of structure I'm fishing them. I like some baits more in rock than in wood, the same can be said for open water or over weeds. In the Highland Reservoirs that I so often fish in Spring and Fall, the LC Pointer 100 and Pointer 78 are king as my all around baits- the size is based on depth and forage. When fish are on smaller profiles, obviously I fish the 78; and vice-versa. I prefer the Vision 110 for shallow weeds and wood, and in open water where there's very good visibility. I'll fish LCP100 in open water and wood as well, but typically where there's a little less visibility. Only very, very rarely do I go to a silent, or wood, bait. I do love my wood pointers, as they're simply superb for those situations in which an absolutely stealth bait is the way to go. The other style of bait that I have a lot of confidence in is the Flash Minnow 110- This bait, or style of bait, if you will, is a far more active bait. It's a bait that I generally do well with in spring and in certain situations in fall. When fish are on the tops of shallow rock or shallow primary points in fall, it can be absolutely dynamite. I'm not 100% certain of why it's so much more effective in those specific situations than other baits I fish; I'm sure of it is just my confidence in the bait. Sure it's the right depth and profile, but there are other guys that would rather fish a Vision 110. The depth of the Flash Minnow, I'm sure, is what does it for me in those situations- or at least that's the heart of it. A bait that will without fail stay at the 2' depth is pretty key.
Lastly, when I desire a deep bait, such as when fish are stacked on deep edges or on the backside of primaries in the 12-16' range- the only bait of choice is the Staysee90. It's extremely tight moving and it's very erratic.
Overall, in jerkbaits, it's getting an idea of what works for you. For instance- less is more. I really prefer to move a bait far less initially, until the fish tell me what they want. I'll move the bait very, very slowly at first.
Dwight's post is absolutely stellar with information, too. Hopefully he chimes in on this. I'm very proficient with a jerkbait but I took several things out of his post and have since applied them to my fishing style.