I understand the logic behind using a slower tipped rod for crankbaits and other treble hooked lures but wouldn't it serve the same purpose to just not set the hook as hard when if using a faster action? Please explain if there is more to it than just this.

Has more to do with when the fish jerks left and right, how fast the tip is moving / whipping back into place. A moderate action vs a fast action, the moderate will bend lower, thus when the fish makes a sharp jolt will bend lower and have less of an impact. A fast action has a higher chance when that fish jolts left or right the tip will bend real quick then put more pressure at snapping back up right resulting in more trebbles torn out. Atleast thats how I understand it.

When I'm fishing cranks I dont even really set the hook. I feel the hit, tighten the line and slowly turn the rod to the opposite direction of the fish just keeping pressure on, for the most part the fish sets itself on the trebbles.

Yo fellow Yankee!

Okay, the slower softer tip allows for the bait to get down really well and allows the bait to be "inhaled" from my understanding...acting like a shock absorber.

Though I have never owned a dedicated CB rod, I favor lighter action moderate tapers when fishing them. I have also have luck with stiff big sticks and and mag-butt stiff rods with more gentle tip.

My fav cranking rod is a 15 year old ML 6' 8-15 test Falcon caster, it does soft pastic jerkbaits well and also lighter jigs, worms in a pinch.

Sadly though with my glx Bronzeback rod it's hard for the old bird to get as much time lately. That GLX will fish and catch just about anything landlocked here. If you've got enough free open water she'll take a big pike if you have the time ;D

I pose this question because I recently got a chance to get my hands on some g loomis rods in store for the first time and they felt amazing. I really liked and have heard great things about the IMX and I am looking into getting a 7' MH fast action IMX spinning rod as an all around rod but primarily it will be used for cranks and spinners and I was wondering if this action will be too fast for these applications. Would it be better suited for soft plastics?

Here is another thread from this forum I dug up, where owner of Powell rods Keith Bryan comments.  Some good discussion on this rod.

http://www.bassresource.com/bass_fishing_forums/YaBB.pl?num=1148800830/9

...acting like a shock absorber.

8-)