I hear both theory's often, I'm sure there is a time for each... but what are your thoughts on this? Is there a particular time when one works better than the other?

Matching the hatch for me has worked best during the Shad spawn; when there are schools of them right up on the bank. Giving them something they haven't seen is really hard to do. Although their memory is short; so custom baits and paint jobs should do the trick, along with a select few of hand poured plastics.

When you find fish, use your best suit. Being on feeding fish is the key. Your go to baits will work.

With the insane abundance of Shad in the lakes around here, I've been doing better with craw imitations. It's not something they haven't seen, just something they've seen less of. Bigger fish want an easier meal and don't want to expend much energy getting it. Chasing Shad is harder work than catching a crawfish. The topwater bite has been good in the mornings, but after that I struggle to catch anything on Shad imitations as of late.