Interesting replies. I would think it has a lot to do with the time of year of the hunt and location (ie state). A rut hunt is quite a bit different than a late season hunt, and with that said I've never even been drawn for a rut hunt. I do go camping quite a bit during the rut just to see the animals and from my experience, finding them hasn't been difficult at all during the rut. My general rule is get as far away from other people as possible (avoid the areas game and fish tell you to go because that's where everybody else will go), go where you can see a long distance, look for areas that give bedding/cover, food, and water. But realize food and water are the last of the two necessities by a long shot. From my experience, hanging around water hasn't consistently panned out as there are too many other hunters sitting in the area of water, and there's too much odor in the air. Very early in the season, they can be found in the vicinity of water, but don't sit on water. Big bulls get to be big bulls by knowing when to get water (at night) when they aren't hunted. Same can be said for big mule deer - don't hunt water. The biggest mulies I've seen were 5-10 miles from the nearest water tank. They get their water at night when they know they aren't getting hunted. So don't waste your time sitting on water holes is my rule of thumb - again speaking to public land hunts in AZ. Again, finding them during the rut has never been tough, you can usually hear them from quite a ways off and easily locate them.
I've always been drawn for late season hunts (not post rut, but late season) on public land. At that time of the season, they are tired and have been pushed to the most extreme protective areas (aka sanctuaries), where they know most hunters won't venture into. So look on maps for the deepest, most gnarly, rugged areas that you can't get to easily by any motorized vehicle and start there. They're tired, on the run, they know they are and have been hunted for a few months, and are looking for hideout spots in the most rugged terrain. Water and food sources don't mean much as they can always get that at night. Look for areas just very difficult to get to where people won't go. Then its a matter of getting out early and staying out late. And realize you can see them all throughout the day too - don't assume they are bedding down during the day. Sometimes they do, sometimes they don't. Don't assume anything on a late season hunt. Earlier season hunts can be more predictable in terms of where to find animals. Late season hunts are very unpredictable and the animals lack habits. The fact is, its just harder later in the season. That's kind of the fun part of it. If its really cold or bad weather, I tend to glass south facing slopes where they can get some warmth from the sun. If its warm, I look on the north facing slopes (we can get stupid weather all times of year in AZ and can see many extremes). Bottom line is, late season is not easy and it takes hard work. A little luck never hurts either - and remember you improve your luck with hard work.
I know, a little long winded, but that's my $0.02.