Personally, I'd go for a policy like allowing two carry-on sized items for free, whether it is checked or carried on. Anything larger or in excess of the two carry-on sized pieces would be charged for.
If I want to take my shoulder bag and carry-on sized roller with me, but check the roller, it could be free. They are essentially doing this anyway when they run out of overhead space and have to check the excess bags.
If I am checking a mid-sized or large suitcase, there is a fee, just as there is now. Or anything greater in quantity or size than the existing carry-on regulations permit.
This would free up cabin space, keep the revenue structure in place, and reward those who could bring their bag on the plane by giving them a free reason not to. When I travel, I obviously can't check my bag with my laptop, projector, etc. But I most certainly could check my roller with my clothes, shoes, and other bits and pieces. I'm often the first to volunteer to have it gate checked when they ask for volunteers, but why not just streamline that at check-in?
I'm just musing, and it is probably too complicated to implement and/or there is no motivation for airlines to do it.
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