BayBass Bryan of BayBass.com wrote a great article that went into detail about fishing blade baits. Here is an excerpt:
Jigging baits or blade baits have been around since Paul “Buddy” Banks invented the Silver Buddy™ lure and trademarked the name in 1983. Billy Westmoreland, known as the world’s greatest smallmouth fisherman, used this particular bait nearly every trip. The bait works magic all year round but excels in the winter when fish are normally deeper and tighter to the bottom and less willing to chase. This bait will catch or snag anything that swims including perch, walleye, bass, striper, crappie, carp, bluefish, sea bass, catfish, pike, and more.