Generally bags under the eyes are caused by issues deeper than the skin. Thermage is designed primarily to treat skin laxity, and while it may cause some improvement in the fine lines and crepey texture of the skin of the eyelids, I don't think it will really address the problem causing the bags, so I wouldn't be real enthusiastic about Thermage in this setting. The bags form when the tissue layer holding the fat pads around the eyeballs becomes loose, allowing the fat to protrude and fall forward. This creates a contour similar to a "beer belly" which hangs over a belt line. In this instance the only strategies worth considering are those to tighten up that layer holding the fat or even remove some of the excess fat (which is a whole other topic, probably best left for another thread!), or to camouflage the contour differences between the protruding fat pads and the cheek. Botox, being a neurotoxin, has only one function: to relax muscle, thereby either relaxing wrinkles or moving structures like the brow. Thus, I really don't see it as having any role in the treatment of eye bags per se. Injection of a filler like Perlane would be appropriate to camouflage or blend the contour irregularity. The only other treatment that I could recommend for this would be a surgical blepharoplasty to tighten the orbital septum/eyelid muscle and address the fat protrusion.