Minimal movement after the cast, but depending on who you ask, it does NOT mean just letting your bait sit motionless and unattended.
>From what I understand it is letting a bait as a floater sit >on the surface for x amount of time. >Is that all there is to it?
No, you need to mend the line to make sure you can set the hook when there is a strike. You may give it a small twitch or direction change in place, etc. Send out some ripples like a injured/tired fish.
>Can you set the rod in a holder and fish another rod?
Check your regs - and if legal to fish more than one rod, I would only do that if you want to miss your fish on the deadstick bait :)
>Under what conditions is good for deadsticking? >Do you hate it or like it? >Is it a technique that works on all lakes?
I hate it and am not very good at it so hopefully some more patient people can help you out!