horn, there are 2 "dials" for setting up your baitcaster. the one that's on your handle side is usually the tension knob that controls how loose or tight your spool is. the other one on the other side is your brake setting.
try this. set your brake at the middle setting. a good all around brake setting. mine is set on "5" and i almost never touch the brake dial. all my adjustments are done on the spool tension knob.
next, hold your rod tip at 45* angle. press spool release but keep your thumb on the actual spool so that it doesn't release any line.
while holding your rod at 45, release the spool. the optimum setting of the tension is so that your lure falls with some resistence. if it free falls, the tension knob is too loose. if the lure doesn't fall at all, loosen up the tension knob until the lure starts to slowly descend. these are sensitive gears and the smallest of adjustments are required.
again, the trick is to get the lure to fall with a little bit of resistance from the spool. this is the optimum setting for the best cast.
using quality reels helps significantly. just remember this, the speed of the lure and the speed of the spool much match perfectly for a good cast. the only time you get backlashes is when your spool speed is faster compared to your lure speed. match this and your set.
with some practice, you can make adjustments in seconds. keep at it! like jason said, i'll never go back to spinning unless i'm skippin under docks. that's the absolute only time I will use spinning gear.