In the economists' world it shouldn't make any difference - a ticket for $200 plus a $20 option for a checked bag is economically equivalent to a ticket for $220 and a $20 rebate for flying without a bag, and if unbundling is really done for the passengers' sake then it will be equally worthwhile under the latter conditions. But I have a sneaking suspicion that if they had to still advertise the price as $220 then the airlines would suddenly decide it wasn't worth unbundling the checked bag after all.