Earlier this week Qantas workers went on strike for about 4 hours at various domestic and international airports across Australia. This meant that no baggage was loaded until the strike was over. It held up flights and got many people extremely annoyed.
Apparently people eventually got moving by leaving without their luggage. The luggage was to follow on later flights. What an absolute pain! You'd really be wondering if it would actually turn up.
Hmm... I can't help but think that if you only have one bag that doesn't need to be checked, there wouldn't be that problem. You'd still have the inconvenience of delayed flights, but at least you'd know where your stuff was.