I usually bait 3-4 times per month on my own website. Don't like to over do it because people will start to get suspicious about why your site is covered in that stuff. Try to be as discrete as possible to get the best results. If people KNOW you are baiting, they may approach you and ask you why you bait so much, and that can be an awkward conversation.
Bottom Line: Baiting still works. I know some people who can bait 2-3 times PER DAY and they are very happy with the results.