Worst of all, it's at best a minor inconvenience for terrorists. If you had a cell with some working liquid explosive devices ready to be set off, you could react to the ban by setting them off someplace other than an airplane. As outlined above, I would suggest a crowded rush hour Metro car. Try to position yourself near where the guy driving the train is located and blow it up on the Red Line between Gallery Place and Metro Center. That'd be a pretty good terrorist attack.
As James Fallows argues in his great "Declaring Victory" article, one of the main purposes of terrorist attacks is to provoke reactions to terrorism. In an ideal world, absolutely zero people would be trying to detonate liquid explosives on airplanes. Given that a certain number of people seemingly are trying to do so, you still have to ask yourself -- aren't we better off doing our best to find them and then taking our chances? A ban on liquids is a large price to pay in order to merely displace attacks from planes to things-that-aren't-planes.
This article available online at:
http://www.theatlantic.com/politics/archive/2006/08/fluid-dynamics/40091/
