Yeah, have to agree unfortunately. I never ever put anything like laptop or cameras into check-in luggage and other valuables only if I can't avoid due to limitations on carry-on.

At first there is the Warsaw/Montreal convention not covering for any substantial replacement value if it's about valuables. Some other airlines like Air China even state in their conditions of carriage that such items are "prohibited" in check-in luggage and try to exclude it from Warsaw/Montreal convention (not sure whether that's legally effective at all). A colleague's friend tried to import two iPhone 4GS and one got lost. That's how they painfully found out about "prohibited" items afterwards...

As for CX they don't have such clause, but I think you can declare valuable items and then pay an extra on insurance at check-in. So if it gets lost, then you could ask for more compensation above Warsaw/Montreal convention. Don't have it in memory, so you may want to confirm by looking it up or asking.

TSA lock really won't help much. But on the cosmetics (because they're exceeding liquid restrictions?): I don't know the ratio of men/women working at TSA, but for some reason I believe that cameras and other electronics like laptops are in higher demand than cosmetics.