Originally Posted by
scubadu
If you have to return to the airport later to pick up your bags anyhow, what exactly is the benefit of standing by for an earlier flight?

In my experience, bags often fly on earlier flights. When checking bags on itineraries with intentionally long connection times, my bags have arrived before me.
When checking in with a checked bag, and telling the agent I'd like to standby for an earlier flight, the agents have told me that my bags will likely fly the earlier flight whether or not I fly the earlier flight.