I use braid for nearly all my fishing and find it great for deepwater as it has far less drag in the current, which means you can often get away with less weight. I always use a mono trace for both less visibility, and for abrasion resistance. In some situations such as off the rocks I like to use a good stretchy shock leader.
If not using a swivel at the braid - mono connection, I do a bimini twist double and this makes the join more reliable. It takes a little bit of getting used to braid and in some situations you may even need to adjust your fishing style a little, but I love the stuff!

Regards, Tony