I fly ALOT and would never consider "tempting" someone who might look into my luggage...
The girls carry on their rhythmic gymnastics equipment and custom leos (4 of them each year). I carry on the cameras (video & digital).
Makes sense. Why in theee world would I put a camera, or jewelry or anything like that in a check in bag? First off I don't have good jewelry...I only have the little cute inexpensive things but...I still like them so why put them in a position where they can be stolen? I DO pack my little "jewels" and everything else in clear storage bags. They are great. Socks, undergarments, all go in clear plastic. They can SEE everything at a glance. I pack my shoes in clear storage bags too. The other thing I do too is when I pack some toiletries...I put them all in plastic and then put everything into a plastic zip container that you get things like pillow shams in. They are nice, have zippers and are nice and sturdy. So, since everything is in plastic containers of their own...There is double protection in the acatual carry on by going into another plastic container. Sure makes life easy. If then someone STILL wants to steal something...I say "go for it." I still have the nice slacks and top I am wearing and can wash and dry it when I get to my destination. If not...I'll purchase another pair of slacks and top.
One more thing...this year a friend of mine put me wise to a PASHMINA. Which is like a stole but wide, large and very thin. It is lightweight and is a blessing on the plane. It is a cashmere and wool blend and thin as tissue paper but on brother on a plane it is like gold. You can cover your whole body with it or...just put it around your shoulders. It is invaluable and I would recommend it to anyone whether they are flying, driving or eating out. It is wonderful. Beautiful colors and....it fits in a bag so easily. That's how nicely it folds down.
Happy traveling!