Great question, I hope you get plenty of answers so that we can all learn!
First of all, check the scores: special strategies may be required if the game can end this hand.
A. Do you have a potential mooning hand? Some long suits headed by AKQ, Q of spades (or AKxxxx);with either long Hearts, or a shortage/void? If so, then pass losers from shortish suits, but maintain flexibility in case then moon attempt goes pear-shaped.
B. If no moon possible, you may need to have an 'anti-moon' plan: most people pass a low to middling Heart, but I prefer to void myself in Diamonds/Clubs and then try to dump a Heart on 2 different players.
C. If neither of the above apply to your hand, then pass normally, as follows:
1. Top priority: what's your Spades holding?
Bear in mind that you will rarely be passed (or be passing) any spades; and also that Spades are often led on trick 2.
So what to pass? If passing right, then usually pass Q. If passing left usually keep it.
There are too many specific holdings to deal with individually, and it also depends on how many exit cards you have in other suits; obviously the ownership of A,K or Q, and shortage/length in Spades determines what you pass:
Q,A/K,AK,Qx,AKx,A/KQ,A/KxQ,AKQ,Qxx in that order,are the most dangerous holdings to be potentially owning after the passing, so avoid these if you can.
A/Kx and A/Kxx aren't too bad, especially if either you have voided youself in clubs, or passed A clubs to your left. Most 5 card spade suits are safe (usually more so if you own the Q), and even 4 card suits containing 1 honour would be made safer if you are passed another. In which case you can concern youself with more with passing from other suits.
So you wouldn't necessarily pass any of A,K or Q unless you had just 1 or 2 spades.
2. If your Spades holding is (or can be made) safe, then just retain exit cards in any other suit, and pass high cards from either C or D, depending on which you can shorten the most.
3. I always like to retain all low Hearts, together with 1 high one, and pass other high to middling Hearts. Passing a low H is a good anti-moon strategy, but is the recipient going to be the one attempting to shoot?
4. Think about your plan after trick 1: if you have 4 low spades, you probably want to keep a potential winner in C/D, so that you can gain the lead in C or D at trick 2, and then reel of the S to flush the Q out.Remember that the owner of C ace may not return spades if he has a S honour.
5. If you hold 5+ C/D containg a winner and 4 low ones, that is just as effective for flushing out the Q spades (or breaking Hearts) as a similar holding in Spades: it is likely that someone is short, so you can reel them off safely.
6. Passing the club 2 is popular, but may well be low priority if you hold other low clubs; I prefer passing that 2 opposite (to North), intending that East wins the trick.Passing A of clubs East can be useful if it is important that he leads trick 2. As many players will often be passing clubs, in order to void themselves and dump Spades honours on trick 1 or 2, it can often be good to pass both 2 and Ace of clubs: because the K owner may well lead them back.
7. Strong holdings, such as 4-5 cards with a certain winner, and no certain loser (e.g. QJ987) in any non spade suit are bad news; C/D will hurt you initially, but later in the game such a holding in Hearts may cost you (especially if the Q spades hasn't apppeared). Pass the top 2 of such a holding.
8. If you have a really bad hand (with no mooning chance) where you'd really like to pass 10 cards, don't panic! Depending on the scores, you may be able to pass the Q and other high spades and hearts, hoping that the recipient will try to shoot: this may enable you to dump other winners.
9. During the hand, try to work out who has the A/K/Q spades. At least 1 player will have none of them, and he will be the one leading them.
I have played for years in tournaments (at Yahoo), where the top 2 scorers progress to the next round; which means that 'ducking' is the correct strategy. In normal Yahoo games, it may be necessary to adjust your strategy slightly to shoot, or prevent others mooning.