SSAL, watch this vid. Brian Chan shows how to tie it properly. The knot needs to be tied 100% properly. Make sure your line exits out the correct "hole" in the knot before you pull it tight. As Brian shows the tag end should have a 90 degree bend in it. Also make sure you lubricate the knot (saliva) before you pull it tight, pull it tight slowly, and at the end make sure it's sitting down nice and tight. If it looks not fully seated, push down on the top of the knot a little with your finger nails while tugging a little on the tag end with your teeth or pliers. It should come out looking like a clinch knot with a loop on the bottom.
https://www.youtube.com/watch?v=A6t1TIMv-OkI assure you this knot is very strong. I've straightened out plenty of #1 and #1/0 jigs on huge chum or springs and the knot never broke with 12lb leader.
If tied correctly it will not fail you.
IMO this knot gives jigs better action than a knot that is tied tight to the jig eye. That being said, I know guys who fish jigs and do not use a loop knot, and they catch a lot of fish too. I really doubt it matters much. But, if you're confident in it like me, I would rig your jigs and flies (if you fly fish) in this manner.
Lastly I'll say use a quality leader. And there is generally no need to go too light with jigs. I typically use 12lb and if targeting chum or springs I'll bump it up to 15. This is more to prevent their teeth from sawing through my 12lb, not that I need the 3lbs of extra breaking strength.
Unless your fishing is very dialed in and you are looking to step up your game in some very clear water with spooky fish, do n-o-t bother with fluorocarbon leader. Trust me. It is more brittle and if your knots are not tied with extreme care they will bust. I would buy the old standard, maxima ultragreen. Cheaper leader that IMO is still very good: Berkley XT (not XL).
Do not buy some crap noname spool of mono from Walmart for 4 bucks and expect it to fish well. Spend a few more bucks and buy quality line, hooks, swivels, etc.