The 54-11 plays well under most conditions (and that also includes tight lies). I have mine set to 55 because I've achieved a comfort zone with a 55-12 wedge. A 54-14 would be meant more for very soft bunkers or thick grass. You would have to play it back in your stance to hit off a tight lie (more of a digging shot). The 54-08 for tight lies and harder bunkers. You COULD use it in a soft bunker by opening the face a bit and choking a little so you don't dig a hole to China.

I also recently acquired a 256-10 CHEAP and bent it to 57. Found out that it works well under a variety of conditions.

In order to select the correct bounce on your wedge you need to look at the conditions that you most frequently play under. Are the bunkers firm or very soft? Do you use this wedge from tight lies in the fairway or only in the rough around the greens? Once you narrow the course conditions down, take a look at this http://www.vokey.com/tech_central/page.aspx?id=30# it will completely explain bounce and how to select the right one for your game and course conditions.

I play a wide variety of courses in San Diego County so my wedge set is as follows: 50-08 (bent to 51), 54-11 (bent to 55-12), 62-07. My 9 iron is 45 deg so I use it more like a PW. I also have a 256-10 (bent to 57-11) that works in a wide variety of conditions but really haven't put it through its paces (except for practice); I got it mainly to add a SW/LW to another set. The 62-07 has a wide flange, so even though it is low bounce, it still works in soft sand or thick grass (along with hard bunkers and dirt clod lies). I got this one to replace the 60-07 (which was great off tight lies and hard sand but didn't work in thick grass or soft sand) and the 64-07 (which was good for high shots out of soft sand but had to be de-lofted for tight lies; it had a composite bounce sole). The 54-11 (bent to 55) has a narrow flange but still can get under the ball on tight lies and hit out of soft sand. I can hit my 9 iron and 50 for long bunker shots out of soft sand.