Fringe benefits: since I'm not checking a bag, I can get to the airport a little later. And I also get to leave the airport earlier at my destination since I don't have to wait at baggage claim.
Of course, those of you traveling with kids have it a bit harder, but given the passenger mix on most planes I've flown on, most people could likely follow this advice.
"Checked luggage is lost luggage."
I survived a month in Europe shortly after with carry-ons. It was doable, pleasant even, but I had to make some sacrifices: one pair of shoes, no laptop, no heavy jacket. It's obviously not ideal and possibly not feasible for someone traveling with a non-ticketed baby to travel this way.
I spent five weeks in India for work last year, one of my coworkers brought an entire suitcase of shoes. He was nothing compared to the guy who brought two overweight suitcases. Our company policy would paid for extra bag fees but not overweight fees. He was pretty pissed when he got hit with those fees by Lufthansa. North of $300 each way out of his own pocket. For the life of me I don't know why he needed so much.
I don't think that is the way the legal system defines duty and fault.
I learned that baggage losses are balanced against the cost of paying for more reliable and trustworthy baggage handlers, and customer service is subject to a similar balancing act.
I also started travelling lighter, and keeping an extra day's clothing in my carry-on bag. It's much more difficult to be prepared for baggage loss with a kid, but it was worth it. Try running out of diapers because planes are delayed. When was the last time you saw diapers for sale in an airport?