Josh,
Float fishing isn't all as complicated as you might think. I'd say if you concentrate your efforts on just float fishing for a season, you can be pretty tuned in by the end.
Bob is right about a float allowing you to fish water you wouldn't otherwise get a good presentation in. When the water's low, the fish tend to hang out in big, deep holes and some of them don't have enough current to drift fish. If you use enough weight to get bottom, it will be too heavy to tick its way downstream. If you don't use a heavy lead, you can't get down to the bottom, even with a slow current. The float allows you to keep your offering moving slowly downstream in close proximity to the bottom.
I usually use a fixed float because most of the water I fish is 10 feet deep or less. If the water is much deeper than that, the sliding float may be a better choice because you can cast them further than a fixed float with 12 feet of line hanging underneath it. Either way is a compromise, because in my opinion a fixed float gives you a btter presentation in shallow water and a slider works better in deep water.
Most fixed floats use some sort of sleeve system. You slide the sleeves up your line, and then tie on a jig, or a swivel/hook/bait. Insert the body of the float into the sleeves, and then you can slide it up and down your line to adjust the depth.
Once you have your setup rigged, try to keep your offering within a foot or two of the bottom. Cast out, and keep "mending" your line upstream so it doesn't drag your float downstream. When you get too much line out to mend it, you can either open your bail on a spinning reel and dump out line so it doesn't drag your float downstream, or reel up and move downstream and cast again. I've caught dozens of fish with a ton of belly in the line when the float went down. Just MAKE SURE you reel until you've picked up all the slack BEFORE you make any hook set. Otherwise, you'll just jerk on slack line, which won't hook the fish, but it WILL alert the fish to what's going on.
Give it a try. It might feel awkward at first, but when you watch that float sink, and jerk back to feel a head shake and see that silver flash down there, you'll know what the buzz is all about.