Am I correct in assuming that a rod with an extra fast taper will have a "softer tip" than say a fast or moderate taper?

Not necessarily. Power is the measure of resistance to flexing, action is where the Rod bends initially when pressure is applied. 

It is more about how far down the blank it will stop bending rather than how easily it bends. What type of fishing are you thinking of getting a rod to do? Go here and look how falcon Rods portrays it. 

For example if you look at two 7 foot rods from the same manufacturer. If they were both medium power rods but one is a moderate taper it may have a 50/50 or 60/40 ratio of backbone to tip. The second one may be medium power fast action. It would be more like 80/29 or 70/30.

Anyway the first rod makes a great rod for treble hook baits like crankbaits, or rattle traps.  The other might be good for throwing bottom bouncing baits like jigs, or texas rigged baits.  I hope this helps a little.

As a general rule then, would the extra fast tapered rods would work better for treble hook baits like crankbaits?

2 hours ago, NavyVet said:

As a general rule then, would the extra fast tapered rods would work better for treble hook baits like crankbaits?

No, not for me at least. I like the moderate fast action like on the Loomis CBR  for most crankbaits. There's not enough flex in a ex-fast to keep the fish hooked up when it jumped and threw slack in the line or from tearing out when it surged at the boat.

3 hours ago, NavyVet said:

As a general rule then, would the extra fast tapered rods would work better for treble hook baits like crankbaits?

other way around. more moderate or slower for cranks.

When fishing squarebills or lipless around grass I prefer a fast action rod that's close to a medium heavy.