I never put anything of high value in my main baggage when I'm travelling, I always keep camera's, phones, travel doc...etc on my person or in my hand baggage. It would be inconvenient if someone stole my boxer shorts and stinky trainers or sandals, but not the end of the world.
I've never had any problems with bags being tampered with at airports, although it can and does happen, I think it's unlikely as, like you say, if there's a huge cut in the side of your bag when it comes off the conveyor you're going to notice immediately and report it to the airport. If anything is going to get stolen, it's more likely to be at the hotel. However, I've never had a problem at any hotels I've stayed at either.
