One thing to consider that a lot of people don't, is when the strike occurs. I generally decide whether or not to set the hook depending on the point in my retrive that the strike occures.
Strike on the lift:
If I'm slowly lifting the rod and feel the tap, I will not set the hook unless I feel weight on the line. In most cases, if I feel a tap while lifting the rod, there will immediately be weight on the line afterwards, and I apply my bionic ninja hookset. However, if I dont feel weight, then I continue slowly lifting and generally I will feel another tap, or multiple taps, and I set the hook once the tap turns into weight. If the bites are aggressive that trip, then I will start to set the hook hard on the first tap just to make sure that I am not leaving any fish on the table, but for the most part, I have learned that by keeping a little pressure on the line, I can tell if a bass has it in his mouth or not.
Strike on the fall or slack line:
If I feel a hit while on the drop or on slack line, I set the hook immediately, no questions asked.
Feel Weight when lifting lure off of bottom:
Usually an instant hookset