Just to clarify, not every photographer with Pocket Wizards is using them to fire strobes. Many of them are using them to fire remote cameras.
As for the strobes and what settings, as previously stated every arena is different. There are many factors that come into play, such as the amount of ambient light, the distance from the floor to the catwalk where the strobes are mounted, the type of strobes, etc.
Also, one last tip - one of the FASTEST ways to make sure you are NEVER allowed to shoot a game again in any arena is to just show up with a Pocket Wizard and "poach" the strobes, meaning you search for which frequency the receiver is set to and then "borrow" the strobes. Strobes are very sensative AND expensive pieces of equipment. If you have never shot on strobes before, they take time to recycle between each firing. Again, depending on the model of strobes and their power settings it can take anywhere from 2-4 seconds between shots for the lights to get back up to full power. If you just keep firing away, you can blow not only the flash tubes but also the power packs. I know this because the arena in Winston-Salem rented their strobes to a movie company who was doing some filming inside the arena, and the person responsible for "firing" the strobes just kept pushing the buttons on the Pocket Wizards as fast as he could. Arena staff told me that he blew out so many flash tubes that there was glass raining down onto the seats below. To this day the lights have never been the same, and I am lucky if there is one complete set of 4 lights that work for me when covering Wake Forest basketball.