Finesse Spin Fishing is not just using an ultralight rod and reel. It's how you use them. The average guy can take a spinning rod and reel to a trout stream and catch a few trout here and there. A master will (or at least can) catch more than you would believe possible. Spin fishing for trout in streams is - or at least can be - extremely effective.
BFS (bait finesse system) is essentially ultralight for baitcasters - light lures, light lines, light or ultralight rods. Perfectly suited to fishing for trout in streams or panfish in the town park.