I fish a Senko a lot slower than most and I dead stick on the bottom for a minimum of 15 seconds before I will move it. 90% of my fish come on the dead stick. The hookup ratio on the wacky just isn't as good. 

 

If I start getting bit regularly on the drop I will switch to a wacky. Also if there is a solid couple feet of weeds on the bottom I will rig wacky on a drop shot to keep it just over them.

 

Either way will catch fish, you just have to find the way you are confident in fishing them or the way the fish are forcing you to use them.

Among the posters here, I probably have the least Bass fishing experience, but I used both the Wacky and Texas Rigs when last fishing for Bass and I'll throw my 2 cents in:

 

Without any O rings or anything else but the worm and the hook, I was losing the fake worms all day with the Wacky Rig, as they kept flying off the hook mid cast.  When I switched to the Texas Rig, that never happened.  In the small lake that I was fishing, the Largemouths were going after both setups equally, so my vote is for the Texas Rig.

I fish mostly Texas or split shot rig senkos, but I am a really big fan of working them as tight to or within laydowns/water willows/reeds etc. In my opinion, the ability to snake through cover with the subtilty of the senkos action on the fall makes this bait extremely productive. The split shot rig adds a nice lateral action to the bait on the fall where it glides to the side similar to a tube, but has the 'senko wiggle'. It's a rigging nuance to the bait that I lean on more often than not.

 

I like the wacky rig when I want the bait high in the water column or when I'm fishing clean rocks. The bait has more inherent movement on a wacky rig at the expense of some of the concepts mentioned above. It 'target' fishes very well wacky rigged, but if I'm fishing through cover there are better rigging options.

 

I do not fish weighted wacky rigs very often. I'm usually fishing a ned or a shakeyhead in the conditions that would call for a weighted wacky rig.

 

-Jared