I used to tap everything since that meant snapping to every single note, but the downside is that it engages a complex movement that jerks you to a certain point. It's effective for what it does, but can be very taxing and sometimes hard to coordinate with the keyboard.
Never dragged; too much friction. I bet it'd be better with a smaller active area.
Hovering is nice since it requires a very simple movement and also allows you to adjust your movement, approximating the right distance as you go along. Real nice for patterns with equal distance snap, though I prefer tapping otherwise.