The Vaude Big Bike Bag Pro is a cheaper alternative to a hard case bike box. It retails at a bargain £115 and is most probably available cheaper online.
Ok, this isn't going stop you from being consumed by fear when the baggage handlers start chucking your £5k highly taught carbon racer around but if you're transporting a touring bike or similar then this works fine given some careful packing and liberal use of bubble wrap and pipe lagging.
The outer material is a heavy 600 D polyester which is thick enough to fend off rips and tears. Two shoulder straps and a carry handle either side make for basic but useable means of lugging, obviously this isn't as comfortable as pulling a box along on wheels but it does the job.
A small amount of padding protects the wheels within their pockets and the Velcro strap secures them through the spokes. You also get two pedal pockets, aside from that its really just a big bag which no airline can dispute as being worthy of carrying a bike.
If you're willing to pack carefully then the Big Bike Bag provides a perfectly useable means of transporting your bike at a great price.