If it's "Gate checked" it's the same as checking it at the counter. You get a regular claim check and pick it up at you final stop at baggage claim with everyone else's luggage.

If it's "Valet checked", (somemtimes called "Ramp checked"), it's considered carry-on baggeage. You drop it off and pick it at the door of your flight.

The difference is that one gets checked automatically to your last stop, the other only accompanies you on the one segment.