I was trained to affix a Priority Tag for FC and Biz class on all Intl. bags. A FC tag on all domestic FC bags.
I was also told; blue ticket folder for all Y customers; silver for 2-cabin FC and for 3 cabin business class. Gold is reserved for FC 3 cabin use.

I'm sorry every csr isn't following the protocol, but not as sorry as I am that once the bags pass beyond my physical control that nobody else seems to give a hoot about bag tags.

Fortunately or unfortunately, they don't distinguish any bag tag or flag from any other when a bag is mishandled. It's just a screw up when it happens. It isn't intentional.
So- tagged, flagged,naked or any other way- your bag has the same chance of reaching your destination with you as any other bag for the most part. Some other csr's were trained like I was and recognize the differences.