The reality, I suspect, will be that people with OW status will still stick with an OW airline because the whole process of collecting the bag, re-checking and going through security it will be lot faster (thanks to the perks of being able to drop the bag at the J/F counter and go through priority screening). We'll be annoyed, but still fly OW. It'll be less of an issue for those with elite status with several alliances, though.
I'm not looking forward to an upcoming ANZ flight later in the month as I've forgotten how to queue and have no status at all with Star Alliance.
I don't agree. At regional (ie overseas) airports, airlines have small windows of desk opening times (eg 2-3 hours before a flight). In that case, many people will find a better solution....