fletch4,
I agree that all checked baggage needs to be scanned, searched, sniffed or otherwise determined to be "bomb-free". However, this still doesn't solve the entire safety issue. As long as people can walk thru security with a gun undetected or the ramp agent can plant something on an aircraft that doesn't get searched, there is still vulnerability.
I do agree that your suggestion would make air travel safer, but not completely safe. I also agree that the expense or perceived inconvenience is negligible. Having my wife or one of my children die is certainly more "expensive" and more "inconvenient" than having my bags hand searched.