Guess I never gave it much thought until I read "Why you should never check a bag on a business trip and other advice from GE's chief diversity officer" in the Houston Business Journal. And the answer has nothing to do with homeland security.
Even on short turnaround trips, I usually check my bags because I have to pack makeup (4oz. is a hassle) and all the other stuff I think I must have (alternate business clothes incase I feel like a brown day instead of a black day (clothes that is)). Oh, and I must include the exercise gear, that I know I won't use!
Not checking a bag is pretty sound advice (unless you are traveling for a month). Pack like a guy, bare essentials and opt for carry on, because you won't have to stand in baggage claim. But rather can quickly get to your meeting and be productive. Not to mention checked baggage not arriving on the same flight, or worse yet, not at all.