wait, I'm sorry yes it is called Lake Sherman, I just got a little mixed up -- I think it used to be called lake shermerville but I just call it Wood Oaks Pond.
Well, yes it is completely public (except for the north end by the houses) and it's also catch & release only, but it isn't enforced AT ALL. Tons of bucket fishermen -- but I hardly ever head out over there anymore to really say anything to them.
I actually grew up fishing 'Lake Sherman' as a kid and there are tons of catfish, carp, and bluegill in the lake. There is also a good population of bass and crappie -- I actually pulled a 3lber out of the lake almost a decade ago when I was in middle school fishing a plastic worm.
I say that it's a great little lake to go if you want to just sit back and relax using live bait -- that's what I usually do when I go there. I'd reccomend fishing the west end by the bridge using a float and worm or minnow. There are actually some decent sized crappie in this lake and some really nice catfish. I haven't seen any bass pulled out of there in a while though... I know they're in there b/c I saw them stocking it with bass yearlings a while back.
Here are a few pics from Lake Sherman.
This was the only decent sized bass I pulled out of there about 8-9 years ago, it's the fish that got me hooked on bass fishing for life, lol
I also took some friends there earlier this summer in late may/early june fishing nightcrawlerers.