Like Chawlston, I too love Hood's flags. I have 5 of them with 1/2 oz. tails on them. They really work well because they show wind vectors with the stripes on them. I highly recommend them.
I usually set up all five when shooting for groups at 100 yards or 200 yards and when shooting long range I will set up as many as I have time for. I will also set them up in strategic places if I can when shooting long range like next to a burm that I think might be doing weird things to the overall wind pattern. Or next to a tree to see if the tree is blocking wind in an irregular way and so forth.
If I only have time to set up one flag(setting up 5 flags and tripods over uneven terrain takes some time [img]/ubbthreads/images/graemlins/crazy.gif[/img]) then I try and set it up near the shooter.
As for the type of stand, I like tripods staked down but there are places where a simple monopod works much better. Ideally, it would be best to have a few of both.
Hope this helps. [img]/ubbthreads/images/graemlins/wink.gif[/img]
And by the way, I think getting wind flags to help you learn wind right from the get go is one of the smartest things one can do. I wish I would have bought my flags before I ever bought my first gun.
Here's a pic of the flags: