Depends on the airport... But 99% of the time, you are supposed to check it at the ticket counter. They will put an extra tag on it that says "standby". If you make it on the flight, your gear will go as well. IF you dont make it on the flight, hopefully your gear wont go... obviously a few people run into problems with bags traveling on the flight when they shouldnt, and vise versa.

If it makes you feel any better, I non-rev alot with golf clubs, never had any problems. When I didnt make it on the flight my clubs didnt go. When I made it on the flight, my clubs made it to the destination with no problems. There are a few little tiny airports where TSA might let you bring your big bags though security. I would plan on checking your bags if they are large.