dipbaits do have a place,and all dipbaits are not created equal.though i haven't used any for quite some time,they worked well for me at times.the size fish depends on average size where you're fishing,but usually 10 pounds and under.best place by far,for dipbaits is streams,as the current carries the smell as the bait dissolves.if there are cats in the vicinity,it shouldn't take more than a few minutes to get action.and you should freshen the bait every 5-10 minutes or so,if no action.there are times that works to draw fish from downstream,but if it doesn't work after a few times,it's time to move till you find fish.i've had days when i found the cats,that i was hooked up with a fish on every cast,within less than a minute of the time it hit the water.
for ponds and res.,i'd go with the cut or live bait,though with a nice breeze to move a float,dipbaits might work under a slip float.