I use this knot for everything. Quick simple and easy to tie. Am I missing something or is it ok to use this knot for everything and every line?

Really good article in last months Bass Times about this.  A Mart says he never uses it, Hack says its all he ever uses for anything.  A lot of it is personal preference and how careful you are when you tie a given knot. 

I like a palomar fine with braid or mono but not floro carbon.  With FC I use a uni-knot more specificly a double uni (not to be confused with a uni to uni).  To tie a double uni you double the line thru the hook eye like you start a palomar but then you tie it the rest like a uni.  Then you trim the tag end and loop after tightening.  It is incredibly strong!  I believe there is an instructional video of it on YouTube.

For big lures the Palomar Knot is cumbersome to tie.

Try the Sixteen-Twenty, also know as a Duncan or

Pitzen Knot:

http://www.orlandooutfitters.com/knots/knot.asp?id=12

8-)

I only use the Palomar knot for a dropshot hook. I use the uni-knot and versions of it for all other connections.

I think the Palomar is fine for nylon copolymer line.  For braid and fluorocarbon, any knot you like that includes multiple wraps around the standing line is often better.  Those extra wraps act to cushion the knot at the hook eye, where knots break.  Instantaneous strain at the knot on a hard snappy hook set can break a Palomar or, in the case of braid, can cause the tag end of the line to slip through the knot.  You can break 30 lb braid with a Palomar fairly easily, 65 lb braid is often the safety margin used by Palomar jig fishermen.  I prefer thinner lines and use a San Diego Jam knot with fluoro and braid.  It's easy to tie and it's easy to see that it is tied right as you do it, which gives me a little added confidence in the knot.

If it works for you , don't change.

I used to use a Improved Clench but it never worked to well. Started to use Palomar and havn't used a different knot exept for a blood knot but that was used to attach line to line.

If I use fluoro and am tying on a worm hook I will snell. Otherwise yeah, I use palomar for pretty much everything. I've yet to have a breakoff at the knot.