I used to pack everything securely all together in a Maxpedition pouch. However, the idea of "all my eggs in one basket" crept in and I realized how easy that would be to steal, so I've changed it up a bit as of late. I still take the Maxpedition pouch, but I don't put quite everything in there. I now put my most important knives in the pockets of my pants. This way at least if they are stolen it will take some effort to find them, and furthermore it will be easy for me to tell because my meticulous packing will then be disheveled. Also, I ALWAYS get my knives out of bag first thing right at the carousel. That way I can address it right there if anything is missing.
As for what I pack? For me it depends on the trip. As some of you who know me here are aware of, I live predominantly in the PNW, but I live/travel back home to FL multiple times a year for anywhere from a few days to over a month at times.
I like the idea, as many have mentioned, of something not irreplaceable and not too terribly expensive; however I also want to carry a knife I enjoy. For the longest time, my dedicated travel folder was the brown G10 Benchmade HK AXIS. A solid knife that I dig, but not "too" expensive. I would also take along a SE Dragonfly, and round it out with my Swisstool.
However, as I said, sometimes I stay down there for quite a while, up to 6 weeks at times; and I didn't want to go that long without carrying something that was special to me. I decided to pick up a PJ Sebenza 31 (which I customized) to take as my primary folder on these longer trips. Yes, it is probably too expensive for me to be risking, but it is not irreplaceable, and I've weighed the risk vs. carrying a knife that I really enjoy (it actually ends up being the longest I carry any of my knives without rotating). For these longer stays I also like to have a traditional with me, so I usually pick a Case to take as well (or sometimes use it as an excuse to pick up a new one for the occasion

).
Now if I'm just going to be staying at the beach where I spend all of my time either in the ocean or paddling in the brackish lagoon nearby (which I usually do for a week every summer), I pack strictly lightweight Salt knives, but still might bring a traditional just for comfort.