It usually shows up on the next flight. The airline will typically courier it out to me, or for a few thousand points I can come and get it myself. I'm a tightwad and I typically come get it myself.

I fly with mission-critical equipment and cannot afford to be without it, so I usually fly in the day before, or at a minimum, 2-3 flights before. I (knock wood) have never had luggage so lost it didn't get to where I was before I needed it. It has been decades since I lost a bag that was never recovered.