I guess I'm a little extreme on the topic . . . but I always hate to check luggage. I've had checked luggage get lost or delayed. Plus, if you've got your bags with you, you've got better options in terms of switching to another (earlier) flight, given bag-matching requirements now (they can't put your bags on a flight without you, so once you're separated from your bags you often can't change your itinerary). And last but not least, if your flight gets cancelled after check-in, or you miss a connection, it's often nice to have your bags with you in that situation as well.
Granted, it's a pain sometimes in security, getting bags onto the plane, etc . . . so as always Your Mileage May Vary. It's a matter of personal preference methinks.