Well things do have settled down somewhat, after yesterday.
On the BA routes ex both LGW and LHR there do now seem to be wider delta's between HBO and WithCheckedBag; for LGW I'm seeing £15-£20 extra for the privilege, for LHR its now more like £20-£30.
£60 extra return over HBO is getting very hard to justify compared to the previous typical £20. Which presumably will trend to more bags on board not fewer
The clever thing, if you will, is illustrated for me on the VIE route. There is only one Gatwick flight, but 5 or 6 from Heathrow. I do not need the flexibility going out but it seems I must pay for it if I want it coming back (bar splitting in to two singles). And technically, LGW is now more expensive than it was but I actually won't get any more flexibility as no 2nd flight!