I use bullets for everything. I usually stick with 1/8oz for every presentation.. I've got a few 1/16oz, but don't use them as much.
I hardly ever peg them - I take that back, I've never pegged them.. I like that if I get up on a log or limb, I can use that unpegged sinker to fall down the line and leave the bait up in the air a little longer.
As far as colors.. I use 3 colors... red (mostly used, and works well for me in any water conditions), black (used some, but not much) and then regular silver.
I hadn't ever used bullet weights in the regular silver, but after using the shakey heads (I paint all of my shakey heads usually in watermelon) - well, the silver has started producing a lot more quality fish for me.