It's kind of a Zen thing. You get to where you just know when to set the hook. But then again, the fish change from day to day and minute to minute. Say it's dead calm and a sudden zephyer puts a ripple on the water. More aggression results = quicker hookset. Or maybe the sun pops out from behind a cloud = time to wait.
It usually takes missing a fish or two to catch on. This is the time when I pull out the Smelly Jelly Sticky Liquid or Kick n Bass and put a few drops on the part with the hook in it, and deliver the bait back to the same spot. So far, it's 100% conversion factor, given that I let them munch enough. Normally, small fish are not subtle, giving a 'machinegun' bite. Big fish are usually fairly subtle on plastics, but if you can detect the bite, they will hold onto it, and you can git 'em.
Sometimes, I manage to just yank it away from the fish. That's because the fish is facing me, and I'm using a bullet sinker. I think the sinker wedges open the lips of Mr./Ms. Bass and the bait/hook follows it through. It is possible to apply light pressure and encourage the fish to turn away...sometimes. If you can do without the weight, or move the weight away from the bait, you'll up your odds. I really like to see the fish swimming away with the bait, 'cause I'm 100% sure I'm going to get the hook into that fish. It may also mean that there are other fish present in that spot.
Two things I know that help detect the bite are to watch the line like a hawk. If you can't see your line, get one you can see. I can't see green monofil anymore, so I use clear. I have no trouble seeing it under most any conditions.
The other tip is to hang onto your line ahead of the reel. This takes the rod out of the equation. You can use less expensive rods, don't need no steenking braid, either. The best way I can describe the bite as felt direct from the line is as an electrical shock...there is no doubt, you know what's going on at the hook. This is very easy with a spinning reel, just close the bail and hook the line with your index finger like you are ready to cast. With a baitcaster, it's very easy if you switch the rod to your opposite hand ("palming" the reel). Just reach forward with your thumb and index finger and pull the line between them. I use a LH reel on my pitching rod, so don't switch hands, but hold the line with my cranking fingers. All it does, is make me work the bait with the rod 100%...and slow down. Usually both are good things with plastics.
One more thing, before you fall asleep...don't set your drag too tight. If you do it right, you should get a little 'zzzt' when you whack 'em. Set the drag lighter, and hit them harder. It works, try it.
C&R, Steve