This has been documented more than once on the Dateline type TV shows, however it's happened close to home this time.
A good friend bought his family a Digital camera from me for Christmas. Complete with all the goodies, bag, NiMH batteries, Card reader, extra CF card , the whole ball of wax.
They too a trip to Detroit on ****** Arline company and upon their return, the prized digital camera was MISSING from the luggage.
Several calls to the airline company got them an "I'm sorry for your loss, but regulations do not allow us to guarantee the belongings inside your luggage"
His homeowner insurance deductable is about the same as the cost of the camera
So, If you do travel,, CARRY IT ON WITH YOU !!