Fiberglass absorbs vibration. Graphite transmits vibration much more efficiently. You can make a graphite rod that will do anything mechanically that a fiberglass rod will. The fiberglass rod, however, will not transmit vibration nearly as well. Some people say that fiberglass has a latency (time delay) that is valuable when using crankbaits. They also say that fiberglass gives the fish time to inhale the lure, resulting in a higher percentage of hooksets.
I don't think so. I think the "delay" is a delay in the fisherman's sensing the hit. A graphite rod, even a moderate action graphite rod, will give the fisherman a sense of touch that makes many fishermen react too early, because it transmits smaller vibrations more efficiently. The exact same fiberglass rod gives that fisherman the same sense of getting a hit a split second later, and the same reaction by the fisherman will result in a better hookset. The guy setting the hook thinks that the glass rod gave him the exact same signal that the graphite did. In reality, it didn't. The signal took a split second more time to build up enough that it could get through the 'glass to the fisherman's hands. That's where the delay is. The hit by the fish is the same. The fisherman's reaction once he receives the signal is the same.
This is, of course, for lures that you can't see, that depend on your touch. Fishing that depends on sight, like topwater or linewatching, is another matter entirely.
And yes, I learned on fiberglass. I like it and graphite, both, but to each one its best use. jj