What SS said... depends on condition. Some places you can do either equally effective IMO. Sometimes the lightest of floats and VERY LITTLE split shot with the bait presented just right, is the only thing that will do the trick.
Seems to me the coastal fish are less picky.. but the Sandy river fish are VERY picky! Who knows that's just what I've seen. I used a 1oz. bobber, 25lb. line, and big glob of eggs and yarn and slayed coho on the coast last year, but at the Sandy I scaled down to 1/4oz. weight, 8lb. flouro, and small baits and only got 1 bite, while my buddy had the lightest set-up possible and killed 'em.
Mess around with different set-ups wherever you go. There is no right or wrong way. What people need to figure out is you need to teach yourself, there is no ONE method of catching fish at all times.