I would just check it in but we've got a transfer in Italy so I don't really want the stress of it having to be switched over as one of our bags got waylaid for a few days on a transfer before. It does mean that I can pack more liquids though rather than buying suncream etc. there if it goes in the hold. I've just seen that I need to check in online but I always do that anyway.
The uproar about the bag going in the hold is absolutely ridiculous. This has been going on for years anyway, they've just made it official now. Literally no room in lockers, so either they got rid of the free extra bag or do what they're doing, that gets a +1 from me. Your laptop/phone/handheld console/book can still be on your person in a shoulder bag, the only negative is waiting at the other end on the carousel for the bag with your clothes in.
I never really understood it until I went on a few city breaks and just took hand luggage and it's hours faster. You don't have to queue at a bag drop on the way there and you don't have to wait at a carousel when you arrive. If you're only going away for a few days/travel a lot on business those few hours become precious. It was a really weird feeling the first time, just walking straight to the security by the gate and then just walking pretty much straight out of the airport after getting off of the plane.
You don't have to queue at bag drop, they take it off you at the gate. As in queue to get on the plane as usual with both your bags, when it comes to handing over passport/boarding pass they just stick a tag on your big bag and ram it in the hold. Simple (so no having to turn up 3 hours before your flight for the bag to travel through the maze of conveyors) However I do agree with the carousel, it is annoying. Unfortunately as I say, customers are becoming more canny with taking these large bags so cabin bin space suffers on full flights.
Which also means that it's still restricted in the amount of liquids you can put in there, etc. Effectively, it's cabin luggage, apart from it being taken away.