I really don't like to sound arrogant, and I know there's people better than me somewhere, but I'll give it a shot.
Why I'm a better dropshot angler than you are:
I've been fishing for my whole life (which definitely isn't as long as most of yours'), but not all always for bass. I started walleye fishing at 3 and became a hardcore bass fisherman a few years ago. Walleye fishing meant spinning rods and light line most of the time for me. Whether it was vertical jigging or using crawler harnesses, I always wanted to know what I was fishing in or around. I learned quickly what a soft bite felt like, and how to tempt a fish into buying in a vertical presentation. Ice fishing especially helped with this.
When I started bass fishing, i still had my spinning rods, so immediately I began finesse fishing. I guess that's what we do up in northern Minnesota. It's been said we grow up with a hockey stick in one hand and a spinning rod in the other. I spent all of my free time learning techniques on YouTube when I couldn't fish. I've watched hours of videos on how to read Lowrance/ Humminbird units and now I know what almost everything looks like on one.
Through experience, I've learned how to feel the bottom with a dropshot, how different attractants change your presentation on a dropshot, and when to use different types of baits. I started out using just Zoom Finesse and Trick Worms, my favorite color being "Sprayed Grass." The flake shows up more than the fairly translucent body in deep water. I now use 4.5" and 6" Roboworms and Jackall Crosstail Shads. The 4.5" Robo is for most situations. If you need one bait to throw on a dropshot hook, this is it. I use natural colors like Aaron's Magic in clear water and bright pink/ purple colors in dirtier water, such as Morning Dawn and MMIII. The 6" Robo I use when I'm fishing for largemouth 90% of the time. The same color rules apply. The Jackall Crosstail, or any shad shaped bait for that matter (I use the Yamamoto Shad Shape Worm as well) is reserved for fish schooling on baitfish or if I feel like there aren't a large amount of crawfish in the area (think very weedy lakes).
95% of the time a bite on a dropshotted bait is just going to feel like dead weight, especially with bigger fish. This is because a lot of the time, they stare at the thing before they decide to eat it. It's not an aggressive reaction strike like a (insert any reaction lure). The only time I get a hard hit on a dropshot is when they hit it on the fall or right when it hits bottom. These bites are the ones you typically have to watch your line for. I think a lot of guys don't notice some of the bites they get on a dropshot rig. If you're a good jig fisherman, you can translate your skills over to dropshot fishing fairly easily, in my case it was the other way around.
The main trick with a dropshot is to vibrate the bait with your wrist, but not to lift the weight off the bottom. The most I lift my bait off the bottom is maybe two inches to move it over a rock or check to see if a fish is on. Dragging the weight is the most efficient way to cover water with a dropshot. The speed of your drag depends on where you're fishing and how active the fish are. I drop down on structure I see on my boater's unit a lot of the time with this rig. I actually stand in the middle of the boat when I'm dropshot fishing to see the unit(s) better than I would on the back deck.
EDIT: As for the gear I use on a dropshot, I've changed it around a lot to fit exactly what I need. I started out with a 7'2" ML/F Daiwa Lexa spinning rod and VMC #2 dropshot hooks. I found the rod to be a bit stiff for dropshots. It was hard to lift up on a fish without them feeling the weight of the rod, which led to more fish spitting the bait before I could set the hook. Now I use a Powell Inferno 6101 dropshot rod. It's a L/XF rod. The tip action is crazy, but when I reel set into a fish, the backbone really shows up. I use Gama #2 Split shot/ Drop shot hooks now. They are lighter gauge than the VMC's, which makes them easier to set into a fish's mouth, especially the hard mouth of a smallie. I still use the VMC's around wood and grass because they're harder to bend out. Basically in a spinning reel, what I look for the most is a smooth drag. For line, I use 15lb hi-vis braid to a 6-8lb fluorocarbon leader. This allows me to see the line better and have more sensitivity. Plus the lack of stretch helps make up for the light tip on my rod.
I feel like I wrote too much, but hopefully it helps some people out. A lot of people dislike finesse fishing and spinning rods, but it's something you absolutely need to know, especially if you fish competitively. I think I like this technique so much because there's so many options: ways to fish it, things you can change. You can complicate it or keep it simple and still catch tons of fish in it. You can catch active and non-active fish on it any time of the year.