It makes a pretty big difference at times. Sunday, I was getting a few bites on a jig with a green pumpkin Craw Papi trailer, but not as many as I thought I should be. Switched to a 4" watermelon red flake Menace with the tail dipped in chartreuse JJ's, bite went up noticeably.
When I hear that saying, I think more like major changes though. A couple weeks ago while I was at Table Rock and the threadfin shad were spawning, 2-3 inch shad were everywhere. Most guys were tossing small 2.8 fat impacts to catch their fish. I caught a few doing that but when I went to a 7" Chad Shad glide bait, they acted like they were starving and my bait was possibly their last chance for a meal.