djstauder, from my experience and what I have read on here live bait will increases your chances of catching those "smart" fish. To the point some people wont use live bait because they feel there is no sport to it, or that your not giving the fish a fair shot. Also if you notice, there is not live bait on the bass tourney trail. Also live bait can increse your chance of gut hooking a bass.
Also florida bass are considered by most to be smarter than northerns, or at least more cautious of whet they try to eat. I have them in my pond, when I decide they have gotten to "smart" or the day I want to try to catch a trophy I will use live bait.