I grew up fishing there.
It is a really tough lake to learn and fish.
The structure is basically a big sand basin/reservior. It has some breaklines and a couple really subtle rock bars.
I know Dave C does some serious bass fishing out there and I believe he does very well!!!
As far as species, there are nice walleyes, bass (lg and sm mouth), pike, crappies, and even sunnies. There is also a TON of carp and bullheads. There are even a few decent channel cats in there.
There is alot of recreational boat traffic out there to deal with. My best walleye fishing has been always right at sunset for about 1 hour, with slip bobbers and chubs.
Come high noon, it is tough to find a walleye bite, as it is with most typical lakes. This lake is also not a deep lake, except by the dam, where water depths reach 40+ feet.
Go to the Southern Lakes forum and there is a thread there about the lake. The DNR plans on stocking walleyes in there!!!