Dropshotting is a very popular technique, especially for Largemouth and Smallmouth Bass. However, it can also be very effective for many other species such as panfish and trout.
A drop shot allows you to fish a specific distance from the bottom, to keep your bait or lure in the strike zone for the longest period of time possible, once you know at what level fish are suspended. It also allows you to do this relatively snag free, since the sinker at the bottom is much less likely to snag than a hook. If you use a split shot type sinker, even if it does get caught between some rocks it will just pull free, salvaging your bait. Here is how to tie up a drop shot rig: