I've used
Magellan's Retriever Luggage tags on my dive bags for many years, which include a pocket for your itinerary (I include only the information necessary to retrieve or forward my luggage to my destinations - not any personal information such as a home address that would give useful information to thieves.) They are durable and useful, enabling a lost bag to be forwarded to the next place they can be handled in my favour - proximate airline flight, hotel, cruise ship pier, etc.
I include another copy of my itinerary inside the bag, since tags can get torn off by rough luggage handling.
I do not use airline-provided cheap tags, nor airline-provided elite status tags - it has long been rumoured American Airlines elite tags on a bag will sometimes get it "special handling" (in negative ways, like "shady corner rest", to upset the airline's most frequent flyers,) during labour troubles. (Deal with AA's luggage handlers at JFK or MIA, the idea does not seem so far-fetched.)
Magellan's Retriever Luggage Tags
N.B. As this topic is not airline-specific, the thread has been tagged for shipping to TravelBuzz! You should be able to catch up with it at the carousel there soon.