What I want in a flipping rod is a rod with serious power in the butt to move fish out of cover, and a relatively fast tip that will allow me to control what the bait is doing, as well as places casts accurately. Whether you choose MH or H is dependent upon what you find yourself fishing. I fish my H more than MH, I just like the way it moves fish. I also prefer a rod in the 7-6 to 7-11 range in 99% of the flipping I do. There are quite a few rods in the $100-!50 price range: Veritas, Team Daiwa S, Shimano, Duckett, St Croix Mojo.
Baits for flipping can range from 1/8 oz jigs to 2 ounce punch rigs. Typically I'm flipping a jig more than anything else. I like a jig with a stout hook and balanced head. Weight of the jig depends on cover and the fall rate you're after. There really isn't a magic formula. In many situations a creature bait is a better option. I really like the Rage baits, Smokin Rooster and Hawg being my best last year. I fish all tungsten weights anymore, from 1/16 to usually 1.5 oz. Hooks, I like the Mustad Flippin hook, as well as the Owner Straight Shank Wide Gap. I don't use EWG hooks uch when flipping, it's a preference thing. I feel like I get better hookups with a traditional hook.
That's an overview, I guess...