There have been very good responses so far. A couple of things I would add are, as far as weighted or unweighted Thill bobbers (pro series w/brass grommet, being my choice) is when to use which one over the other. In a situation as bigwalleye1 referred to I for the most part also prefer unweighted. However, a weighted Thill, does allow a lighter presentation & a weighted Thill can be very important if you were to shore fish or dock fish (easier to cast far if needed).
As far as how much time to give before setting the hook, is similar to me as live bait rig fishing goes (give longer or shorter, based on whether you are missing hooksets or are gut hooking them and go from there (doesn't hurt to start by giving longer in the beginning as Kevin23 recommended).
retire55, has good advice, Bohns' book is the best on this subject matter.
Remember, you don't have to cast a mile from the boat (if fishing in a boat), just don't make noise and you can keep the bobber closer to the boat for easier hooksets.
Good Luck!
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