Okay, some people are saying on certain crank baits that you should give them a "hook treatment" which basically means removing the existing treble hooks and replacing them with a higher quality version. My question is, what is a higher quality version...not THE highest quality as I don't want to invest more in the hooks than I have the actual bait itself but better than stock? Also, what size and brand split rings would you recommend or are the stock ones generally good enough?

mustad makes some good ones that won't break the bank.  i also like owner st's which are a little higher, but not by a large margin.

They already have some decent hooks on them that won't affect the bank one bit. This is not something I feel the need to do unless I really love a bait and the hooks got dull or rings rusted. I recently caught a turtle on a Spook rear hook. I tried very hard to get the hook back but I broke off one prong of the treble with my pliers. I replaced it with a hook off an old BPS Slim Dog. I would assume these hooks are not the same quality since the bait is $3.99. It works just fine.In fact, it feels just as sharp though it was more than 10 years old.

I would only replace hooks on hardbaits that come with a low quality treble.  You should be able to tell if a hook is chintzy, like some of the Bomber squarebills at WalMart and even some of the Strike King hardbaits.  I'll use either the Mustad KVD 1xSrong 2xShort triple grip trebles or Owner ST-36 or Owner ST-41 trebles as replacements.  Split Rings I try to keep whatever the lure came with, though sometimes I'll end up bending a split ring and will replace them with either 6th Sense (oval) or Owner Hyper Wire (round) split ring if need be.

Treble hooks take a pounding on crankbaits dulling the points, they can't be too sharp!

If the points scratch your finger nail easily they should be sharp. Changing the front treble on most deep diving to 1 size larger is common practice.

VMC makes a good hook at a fair price, Mustad has a wide variety of treble hooks, Owner, Gamakatsu and (EagleClaw) Tokar have high end or more expensive treble hooks.

Tom

I use VMC and the Fletcher Shryock signature trebles. If a bait already comes with these then I don't change unless they are dull or broken.

I don't subscribe to changing trebles. Junky ones and expensive ones always seem to get stuck in something the same for me. 

Unless the hook is rusted out or bent totally out of wack, I will let it ride. 

The Fletcher Shyrock signature series Eagle Claw trebles from Wal-Mart have been good for me for a cheaper hook. Owner ST 36's are what I normally switch out to.