CDG baggage theft ring busted

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The more I travel, the less valuable things I take. The less I take. My suitcase is always inspected. I plan to confine my things to a carry-on on my next trip.
Hmmm... I decided to pack only things I'd not cry over losing in my checked luggage. Anything valuable went into my carry-on, which isn't fun to be lugging around an airport for a few hours either. And it's not that those items were $$$ valuable -- just valuable to me -- like my laptop, cell phone, etc etc. Actually, my biggest worry is always where to stash my passport -- in my handbag, carry-on, in a really hard to get to front pants pocket...? That's always my biggest fear, losing my passport. I had it buried in a zippered pocket in my handbag that was practically wrapped around me during my 2 - 3 hour wait at the airport. Ugh.
"French police smash baggage handler theft ring in biggest sting in airport history"
http://www.dailymail.co.uk/news/worldnews/article-1066650/French-police-smash-baggage-handler-theft-ring-biggest-sting-airport-history.html

Now, of course no one should be stealing things from your luggage, but given the current travel climate where in the US travelers are discouraged from locking their luggage except with TSA-approved locks (which can be broken, opened by anyone with the TSA key, or not relocked after luggage inspection), the opportunities for pilfering are certainly present. I'm amazed that people still pack valuables in their checked luggage.

Do you pack valuable items in your checked baggage? Have the new checked luggage and carry-on luggage restrictions changed the way you pack and whether or not you lock your luggage?