I do much better with bait or a jig tipped with bait than I do with flies. For me, it's not even close. A couple of weeks ago, I tried a bait vs. fly experiment. I started off at one of my favorite ponds with flies -- got 10 nice gills in about two hours. Then, I switched to a black jig tipped with a waxworm. I went back through the exact same areas and got 35 gills in the next hour and a half. Although I didn't use them on this trip, live maggots under a float are even deadlier.
Still, the fly rod is a lot of fun. It really shines when the fish are shallow. Love the topwater strikes! :D