I try to pack as lightly as possible. One board, one pair of boots, helmet/goggles/clothes. I just don't really see the point in packing extra boards etc., my quiver is one board total.
In all my travels, I have never approached 50 lbs on the bag, it tends to weigh in around 30-35 lbs max. Also, having a airline gold card helps with the fees, I'm lucky to have one of those Star Alliance gold cards and my luggage goes free. I also carry on a backpack with most of my ski clothes, base layers, etc., so I have something to wear in case my board doesn't arrive.
In terms of lost / delayed luggage, I've had one very bad incident with US Airways (in the summer, though), and my board, if it doesn't show up at the baggage claim, is always there the next day.