These days I pack him in a hard case and check 'em - no question about it.
No matter what you are told up front - what you are able to carry into the cabin is ultimately at the crew's discretion. So no matter what the rules say - if the plane's too crowded, they're not fitting just right - or the rules just changed this morning "didn't you call and check?" - if they won't let them on at the gate and your standing there with a soft bag of cymbals and your plane is boarding - what are you going to do? You're basically hosed because you have two choices - skip your flight (always $$$ to reschedule these days, plus you might miss your gig) or let then "hand-check" your soft bag. Truly the worst thing you can do for the safety of your cymbals.
Over the years, I've seen far more damaged hand checked instrument than lost or damaged ones checked as baggage.
In all the years I've been touring, I've only witnessed one truly lost instrument - though they can, like all bags, get delayed, usually by missing a connection. The biggest gig insurance for that is to make sure there are cymbals available with whatever kit you're playing at the gig. Then you're covered in a case situation - but honestly unless you're flying in three hours before the downbeat even a delayed bag will usually make it in time for the gig.
As much as everyone is always scared of checking their axes - I've seen more hand carried instrument get left at snack bars and book stores, left abandoned on stage door loading docks and (cring) backed over by trucks and tour buses than I've ever experienced the airlines losing or damaging.
Check 'em.
dc