Ultimately what you're creating is a low impedance at the supply node of a given device. This involves the whole supply network (some simplifications can be made, depending) and the characteristics of each component and each connection.
Briefly, the resonant impedance of a given inductance and capacitance is Zo = sqrt(L/C), and the frequency is Fo = 1 / (2 pi sqrt(L C)). If the resonant tank is connected to a resistance of the same magnitude as Zo, the Q will be low, and the impedance will have peaks and valleys a similar ratio above or below Zo.
You can further estimate required impedance by assuming the supply voltage should change by some maximal amount dV after a current impulse or step dI: Zo <= dV/dI. And the inductance of traces, chip components, etc. is ballpark 1nH/mm. You don't need to be a filter expert, just reconstruct the layout in SPICE using these approximations, and tweak values and positions until it looks good. Simulate the device as an AC current source, and do an AC sweep to look for impedance peaks (if you use a 1A source, the voltage reading is proportional to impedance in ohms).
The most common pattern is some smallish bypass up close, at some distance (relatively large inductance, say 30nH) from the supply's bulk caps, with a nearby bulk cap (with significant ESR) chosen so Cbulk > 3*Cbypass and ESR = Zo. If the supply has the same ESR, the local bulk cap isn't needed.
Say if Cbypass = 0.1uF, then the 30nH gives Zo = 0.54Ω, so choose Cbulk > 0.3uF (1uF would be fine?) and ESR ~= 0.5Ω (tantalum would be a typical choice, or ceramic in series with an 0.47Ω say). This would be fine for a 3.3V supply having less than 5% ripple (dV = 165mV) and step load currents around 300mA (165mV / 300mA = 0.55Ω).
If the supply has very low ESR (a potential problem that can arise with low-ESR types like aluminum polymer and ceramic), it can exacerbate resonances elsewhere in the circuit, and local (ESR-ey) bulk is desirable. Or reducing ESL and increasing Cbypass until Zo matches what ESR it does have (which might be ~10mΩ for ceramic, and bigger al polys).
Or for low noise sections, you want some filtering away from the general supply rail, so you choose a fairly large series filter inductor (some uH). This needs to be paired with an ESR-ey bulk cap in all the same way. Or you can put an R+L in parallel with the inductor, or you can use a ready-made equivalent (aka ferrite bead).
A note about ferrite beads, they saturate in exactly the same way type 2 dielectrics do (so, X7R and such ceramics). Always check the datasheet to make sure you're getting a useful value at the operating voltage (for capacitors) and current (for inductors). FBs are usually particularly obnoxious in this respect (an average 0805 chip saturates (-30% impedance) with just ~50mA), so watch out, and choose an inductor (= maintains inductance up to a useful bias current) if need be.
Tim