For baits with trebles, like torpedoes and spooks, if you miss the hookset, odds are you waited too long, or jumped the gun. If it's a slurp I just rip it. However, if it's a blowup I wait to feel the fishes weight and then set the hook.
For topwater frogs, you want to take a second or two so as to be able to tell if the fish brought it under, in the case that it has, again, just rip it.
Most of the fish you'll lose on topwater are gonna be small, if you hook into a big one, you won't have to worry about timing, they'll just run with it. I consider myself as being pretty good at keeping 'em on, not just some amateur.