We're leaving in 10 days for our third trip to Roatan via TACA (Take A Chance Airlines). And to be honest, we haven't had any problems whatsoever with TACA. One reason, I think, is because we always get the non-stop flight from Houston to Roatan. The only horror stories I've heard are usually from folks flying to San Pedro Sula on the mainland, with a connecting flight to Roatan. At check-in you are asked to proclaim one bag per person as priority in case they have to choose which bag goes on your flight. Luggage usually doesn't get lost, just delayed up to 2 days.
With 2 #70 bags each allowed, we can pack our whole kit with no problems, although 2 gears bags and 1 bag for clothes is all we take. In fact, I prefer TACA over Continental any day! Stewards are nicer, food is better, and planes are bigger...at least so far!
Carry-ons have a #20 limit, but you are also allowed a 2nd carry-on..."coat, briefcase,purse, laptop computer, or other similarily size item". In my carry-on back-pak I take dive computer, RX mask, regs, medications, toothbrush, bathing suit, logbook, c-cards. Passport, tickets and vouchers, money, pens and small notebook go in a 'fanny pak'. My Pelican camera case is my second carry-on.