I'm a big fan of the hesitation pull-up. I'd say Chauncey Billups has been my biggest influence in terms of implementing the move into my own game. Through his career in Detroit, he seemed to make a living off of the hesitation and pull. It was his go-to move in nearly any clutch situation. Here's a quick look at Chauncey's: http://www.youtube.com/watch?v=_X2_pSVSjKU
In terms of usage, I like to keep my options open. Most often, I don't like executing a move that only has one possible option. Instead, I try to respond to how the defense is reacting to a move or how I think
they'll be reacting to a move. For instance, I will not perform a hesitation and shoot no matter what. I may hesitate with the intention
to shoot, but if a defender's sitting on it, I may forge that hesitation into a drive attempt instead (or maybe reset). It's a similar concept to what Ai2death mentioned with his step-back.
Now, on the topic of stepbacks, they can
certainly be effective, but we can't expect them to always
be effective. Again, I keep in mind my stepback can
lead to a jumper, or it can just be a setup for my next move. In terms of creating an effective step-back, it could definitely take a significant amount of practice. The two toughest parts of mastering (or working toward mastering) my step-back were reminding myself to 1) Stay low and 2) Set my feet before shooting. Too often, strangely enough, it seems like we treat the step-back itself as the move, then everything that comes next as merely an after thought. After a step-back dribble, I think:
1) Stay Low
2) Regain Balance
3) Set Feet/Get to Shooting Pocket
Further, I find the best time to use a variable form of a step back is when I have a defender leaning rather heavily on the dribble drive. From there, if I execute some sort of primary move toward the basket, I'll react to my defender's response. If he dropped toward the paint in hopes of beating me to a spot (or even if his body weight is shifted backward), I may look into a pull up or step-back. If the defense recovers especially quickly, it's a good idea to keep the drive-to step-back-back to drive move in the back of your head. Basically, there's a ton of options.