If I can check my baggage, I'm traveling to a place that will be able to loan/rent/sell me whatever I need, should something be lost or damaged in transit. I've got a couple of big Pelican cases (you know, the ones that supposedly scream "steal me") and I split sensitive gear up between them, wrapped carefully in wetsuits or other soft and cushiony items. All I have with me is a duffel bag with travel docs, money and such, a clean shirt and shorts and a camera. Traveling light means I arrive at my destination with a straight spine and a spring in my step.
I get a grin out of watching my fellow travelers, loaded down like third-world refugees with every possession they own strapped to their backs or stuffed in rollies that have been measured to the millimeter to make sure they still meet the size restrictions. So far, it's worked fine for me. I travel more than most on dive trips, typically four or five times each year. Over the years I've had stuff delayed by a few hours but I've never had anything go permanently awol. Not that it can't happen, but there are costs other than money to consider when you're planning this stuff.