CJ and Phil
I have been doing it for about a year and a half now and it has worked well for me. I use a 2' piece of 30lb sugoi florocarbon. I tie it in with a blood knot and I cinch it down very very tight. Then I trim the tag ends so the knot is as small as possible. I don't know for sure if it has gotten me bites that I wouldn't have gotten otherwise, but I'm sure it can't hurt. The floro doesn't have much stretch, but it does stretch a little. It also stands up really well to the abuse that the last foot of your line gets when throwing the bigger baits.
I was using this setup on Sunday on that 13-7 and it held up great when the fish hit with only a few feet of line out. I'm sure it helps that I was using 30. That fish probably would have snapped me off on 20, leader or no leader. Mike Shaw showed me this trick orginally and he has used it with good success as well. You just have to make sure your knots are good.

I have thought about this a lot and one thing I would really like to try is fishing straight 25lb florocarbon with the big wood plugs. I wouldn't do it with the swimbaits, but with the wood lures with 2 hooks I want instant positive hookup on the fish. I think florocarbon would be a good thing for that. I just haven't broken down and spent the money to buy the line. Cheap florocarbons like Floroclear, Vanish, and the Triple Fish florocarbon are basically worthless in my opinion. The only way to go is Sugoi or Seguar or perhaps some of the Japanese brands. Just look at the price tag. If it's cheap, there's a reason.

Like anything, this is just my opinion on the deal. Everyone develops their own methods that they have confidence in. Confidence in your tackle and your lure are more important than anything.