A 500 fpm descent rate over the fence is not a landing in a 172, it's a controlled crash. The discussion of power on vs power off landings is also somewhat misleading as it relates to a C-172 because it is perfectly correct to fly either type of approach. I am also not a fan of the philosophy of flying a small aircraft in using the techniques you would use to fly a large one. A capable pilot flies the a/c he/she is in, using the correct techniques for that a/c, not some general set of techniques.
In the real world, one of the problems in flying a 172 (and most other light a/c) is that if your airspeed on final is too fast, once you reach ground effect, you will either float a long distance down the runway or you will have to plant it. Neither is good technique and, unfortunately, FS9 does not model this behavior well. Approaching at too steep a descent rate will contribute to either excessive airspeed or the liklihood of stalling the wing too high off the runway as you begin the roundout and a very hard landing. In the worst case, it results in a landing short of the runway. In the real world, we call that a crash.
Ideal technique varies somewhat depending on whether you are making a power-on or power-off landing and on the strength of the prevailing wind. In either case, if you are flying a standard pattern, you should be level and at 80 knots before beginning your descent. You begin the descent portion of the approach on the downwind leg when your wing is pointing at your desired landing spot. You either apply flaps (1 notch) at that point if you are going to make a flap landing or leave them alone if not.
At the same time, you reduce engine power depending on your total weight and aircraft charcteristics. It takes a little practice to get it just right. For my a/c with just me on board, that equates to about 1200-1400 RPM. Again, at the same time, I crank in about three turns of nose up trim. Depending on atmospheric conditions, you may also need to apply carbeurator heat as you reduce power. FS9 does not appear to enforce this requirement but if you don't do it in a real airplane in the wrong set of temperature and humidity conditions, you may be surprised by the sudden silence when your engine stops at some point in the approach.
Depending on the a/c and the width of your pattern, you begin the base leg turn when the landing point is at about 135 degrees relative to your nose. If you are making a flap landing, you dial in another notch at that point.
During all of this time, you should be descending at about 500 fpm. The combination of trim and added flaps result in a decrease in airspeed to 75 knots on the downwind leg and 70 knots on the base leg. Once the landing point is at about 45 degrees relative to your nose, you begin turning final and dial in the final notch of flaps. As you establish yourself on final, you begin making small adjustments to both pitch and power to keep the landing point on the runway appear in a constant place on your windscreen. If it appears to be moving down in the wind screen, you will land long if you do not adjust. If it appears to be moving up, you will land short. If you have done it just right on downwind and base, no adjustments will be necessary on long final.
This should result in a speed over the fence of 65 knots and a descent rate of about 100 fpm. As you come over the fence, you begin a round out (a slight nose-up adjustment in pitch to reduce the rate of descent). By the time you are over your touchdown spot, your landing gear should be 10-15 feet above the pavement, your nose should be level and your speed should be between 60-65 knots. You then begin the flare, raising the nose another few degrees and smoothly reducing power to idle. If you do it right, the stall warning will sound a second or two before touch down and the wings will stall at the exact moment your landing gear kisses the runway. In actual practice, the round out and flare are one continious process but they are two discrete parts of landing technique.
I hope this helps perfect your landing techniques.