I have never done well with a chatterbait, but I know others who have great success with them. I don't usually fish them. However, I will throw in one anecdote which underscores the 'arsenal' discussion. I was at Belews a few weeks ago up in the "cold" water above hwy 65 (cold means 46 to 47 degree water there) and I was in the bait, I mean IN it. I found a pocket where there were bait balls all over, and saw some bass in there. Saw them. 2 and 3 lb fish rising slowly to suck in a floundering shad, that would dart off as soon as I put any bait in front of them, saw a wolfpack of 5 fish in 2lb class smash the surface and cruise on by, ignoring my jerk bait, fluke, shakey head, zara puppy... I had had a skunker so far and I knew I was in bait and in bass, and I just knew this was where I had to make it happen. I threw it all... lipless red eye shad, T-rig, A-rig, shakey head, bass jig, x-rap, pointer, float-n-fly... could NOT get hooked up for almost 2 hours.
Saw a guy come tooling by just casting as he went, he hauled in a 2lb fish and was moving along, I asked him how it was going... said it was his 3rd fish for the day, he was from out of town and didn't know the lake, just fishing. I was past pride and well into humility, and had to ask what he was throwing (couldn't get quite a good enough look), and he said "white chatterbait." Ok. Not what I was expecting. Water up there was a little stained for Belews but still clear by most Piedmont lake standards, probably 4 ft visibility, but I tied on a white chatterbait and started in. Saw a boil in a shad ball and put that chatter bait right through there and bam! 3lb'er, the first and best fish of the day. I ran out of time before really giving that chatter bait its due diligence that day, caught two spots on steep banks on a float-n-fly and had to pack it in due to time constraints, but that chatterbait stood out that day for quality and as a major ice-breaker.
It was like Design in a Frost poem that day... "What had that flower to do with being white...what brought the kindred spider to that height, Then steered the white moth thither in the night..." I don't have a great degree of confidence in a chatterbait yet because I don't throw them that much, and I don't know what variables made it the bait of choice at that moment but I can say I threw EVERYthing at those fish that I usually use, and that chatterbait was the only thing that got bit; and that was just because that other guy came by throwing one at that particular time. I ain't saying it's magic, but I will say it's worth a try as you cycle through the arsenal I guess is all that really proves, but I will keep it in my lineup now. Sorry, long story but it stood out in my mind, while we were talking about chatterbaits.
I should go to bed.