Even on wire a 40# fish is not going to let you crank it in. I have had big Stripers peel line off a wire reel and give you a nice battle. Smaller fish make for a somewhat boring fight whether you catch them on wire or leaded line. That said, you are correct in that there aren't too many fish in any given year that will give you much of a fight on a big wire set-up. Productive yes, sporting no. Due to that I fished live pogies and eels most this year but always go back to wire in certain areas. I also find wire to be a very good set-up for novice guests, I put it out (key) and there is little chance of them losing a fish after hook-up. I think that is why so many New England Striper charters use wire, even a young girl can land a nice fish with little skill. I put a gimbal belt on a 10 year old this summer and she took a nice 38 pounder. The whole key to wire in my mind is getting the depth and speed through the water right and then running the tubes by structure. Spending all day grabbing bottom is no fun and trolling the tubes too high makes for a long day of Bluefish attacks. The set-out and the boat operator who recognizes the current and adjusts speed accordingly is what catches fish. Fishing in relatively deep water at Block has it's challenges due to the strong currents there, Devil's Bridge at Gay Head is also a tough current to manage. At the same engine rpms you can see a 2 knot difference on the GPS depending on course. Set your wire at the right depth going against the current and then turn around down current and the tubes go down much deeper, it's a fine line. Every time my son was reeling in a fish, I reminded him that it was caught by the operator, that is where the skill lies in wire fishing IMO.
If you really want to learn to wire and catch big fish I would strongly recommend booking a trip on the Flashy Lady out of Menemsha. Dick Vincent will show you every detail and he catches big bass. He is the only "no bass, no pay" charter guy on the Island, his rates are good and even the experienced wire fisherman will learn a lot. He is also a lot of fun to fish with. Dick will also show you the art of jigging bucktails on the troll which he is also very good at.
http://www.flashyladycharters.com/