It gets a little dicey with checked baggage; I guess your bag goes round and round then your carrier pulls it and puts it somewhere.
I have it from reliable info that the bags in SIN go around exactly 3 turns and then are taken back and held.
Feel comfortable to use the transit hotel even with checkedbags. You just can't beat it.
Off topic (If you continue on the next day... no need to clear customs. Just present your bagage claim from the previous flight and they can re-check it for you.)