For bass, if you're going light, flies will really do quite well. I've fished for many years for bass (both largemouth and smallmouth) with conventional equipment, and here are a couple tips: On conventional equipment, spinnerbaits, shad raps, and plastics are my best producers. For packing, I use an Ugly Stick Pack Rod. The action is about like a somewhat stiff rubber band, but it sure works.
Fly fishing, I have a six piece Cabela's Stowaway 8wt. Clouser minnows, wooly buggers, and other baitfish patterns have done best for me. Just a couple days ago I caught an 18 inch bass and a 14.5 inch catfish on a size 14 gold bead hare's ear! I am starting to experiment with terrestrials (grasshoppers, spiders, etc) and they are OK in the right situation as well.
Panfish really like the terrestrials and small minnow pattern flies. I've caught plenty of them on some of the trout-oriented wet flies I keep around. Again, the gold bead hare's ear works wonders. Ant patterns also do well. Most of the biggest panfish I have caught (bluegill in the 9+ inch range) were actually on fair sized wooly buggers and clouser minnows.