Carry on bag.
I never understood the insistence of some passengers to attempt to lug everything on the plane with them and then stash it in the overheads. They really aren't saving that much time. Whenever I land, I grab a quick beer at the airport bar and by the time I get to the baggage carousel, my bag is just sitting there waiting for me. No stress, no worries. And at the most, I lose maybe 10-15 minutes.