I hunt public land almost exclusively, either the National Forest or local WMAs.
I typically read in the treestand. I'm far too high strung and fidgety to sit there staring at the forest (though I do take frequent breaks to do so). If I could get a signal, I'd probably txt message or surf the web. I set my stand between 5' and 10' off the ground depending on the surrounding terrain and other trees (higher on flat ground with few trees right by me). I've been as low as 5' and had deer milling around the stand (does on a buck-only day natch).
As for noise, scent, etc, I too have noticed they have to get you with at least two senses before anything happens. By the end of my yearly deer camp, I smell like a smokey goat, but it doesn't seem to scare them off. When I have deer nearby that I can't shoot, I frequently do things to try and gauge how sensitive they are to my presence. I tap the stand, move around, cough, etc. If they get antsy at all, it's only for a little bit before they settle back down.
The guys I frequently hunt with all smoke, drink, sit around the campfire, etc. They wear the same clothes to hunt each day and don't worry about scent control. It isn't uncommon for us to have 2-4 deer hanging on trees by the end of camp.
Funny story, one year, we had a new guy come to camp. He was a hardcore bow hunter, but only hunted private property. He was super serious about scent control and such. After a few days of not getting and even not seeing anything, the other guys got him liquored up and hanging about the campfire all night. The next morning, hungover and smelling of wood smoke, he crawled out of bed and went hunting. He got a deer.
Chris