I throw a 1/2oz 90% of the time (I down size in the fall to 1/4oz or a similar profile bait). I fish a bunch of clear water lakes (Smith Mountain Lake 8-10' visability and Lake Norman - same visability) and I like the 1/2 oz because I can make long casts and speed the bait up to trigger strikes.
In my opinion, the advantages by going up to 1/2 oz would be that it will possibly appeal to larger fish, castability in windy conditions, and triggering ability