It's never too late to fish, provided you "dress for success." When the water temperature drops below the 50 degree mark, the bass should be following very distinct migration routes from their shallow water fall feeding areas to their wintertime haunts. And they are feeding very heavily. It may take a little work to define the routes on your favorite body of water, but once you do, you can really slay 'em. This is also one of the best times of year to hang a real trophy. Down here in Pennsylvania, I do some outstanding fishing right up through New Years.
The key is to work large, meal-sized baits slowly. The fish's metabolism is down during this time, so they're seeking large offerings that they don't have to exert lots of energy to capture. 1/2 to 3/4 ounce jig and pig combinations are great, as are large deep-diving crankbaits with wide wobbles. You don't have to work the crankbaits in deep water, as the fish should be in transition. I drag the bottom in 6 to 12 feet of water with great success this time of year. Large single-bladed Colorado spinnerbaits throbbed along the bottom in a slow-roll fashion can also bring massive strikes in the late fall.
Once the water temperatures approach 38 degrees, I usually hang up the rods until the first mild weather of Spring. If you fish rivers, you can find concentrations of wintertime bass in deep eddies, slow flowing tributaries and coves, if you're brave enough to face the cold.