Last month I was transiting through ZRH with a colleague (both of us on the same flights). My bag was tagged with the usual *A priority tag (due to *G status), my colleague's one (no status) with the "short connection" tag.

I inquired and was told that a "short connection" bag transiting in ZRH is treated exactly as the other priority luggage: it is supposed to be loaded on the "priority" container that will be unloaded first from the aircraft. Whether this actually happens, it's another story (I usually get my bag among the first ones, except when landing in MXP).