I would assume in most cases it would indicate an attempted pot steal. When the pot steal didn't work the player decided to just check out the hand.

Although, I have used check/raise/check on a couple of occasions either to set a trap and make it seem like I was bluffing (while holding the nuts) or just to really mess with my oponent.

I have also had it used on me when my opponenet has a legit hand. He was also trying to induce me into betting again.

So I don't think a strong conclusion for every situation can be drawn, but for the most part I'd say it indicates weakness.