I catch piles of bass on blades in the winter, they are an excellent bait when the conditions are right, as with anything. If you're fishing shallower than 15', a blade becomes much less effective. My guess would be that it's because they just fall too fast at that depth, but I have no way to prove that. If you're fishing vertical, your boat is really close to the fish at that point too. For me, a 1/4oz blade is best in the 15-20' range, and deeper than that I go with a 1/2. However, I have caught them as deep as 35' on a 1/4oz. When the bass get moody, the shift from 1/2 down to 1/4 can make a BIG difference. I think it's almost solely the slower ROF that triggers the bites when the 1/4 is outfishing the 1/2.
I don't do much yo-yoing with lipless cranks, I probably should. Usually when I do well with them in the winter, it is fishing them as slow as I can on a steady retrieve, and popping them whenever the bait comes into contact with anything. Like @Bluebasser86 said, lipless is the way to go in 10' and less!