Depends...I've traveled with just carryon many times. But, I do hate lugging bags around the airport with me...nothing worse than having to use the ladies room with baggage in tow.
I know that the three of us (myself, dh and 16 y/o dd) usually check two bags between the three of us. Then, we have carryons with any valuable stuff (electronices, meds) and a change of clothes for our arrival.
It's up to each family to decide how they want to handle it. I figure that I usually fly airlines that allow me one bag free, so that works for us. Otherwise, it's just the cost of doing business.