My husband and I showed up at the airport at 6am Friday morning to fly to Portland on vacation. We knew nothing of the restrictions since they'd just gone into effect in the previous few hours. We ended up checking our bags after finding out that we couldn't take liquids on board (good thing we always show up at the airport early!). I had to put my eye drops and lip balm in my checked bag and throw away my bottled water. It was pretty uncomfortable since I apply both "medications" about every 30 minutes and drink water like it's going out of style, but I lived.
Our flights were on time and our bags showed up with us. The worst part of the experience was the long security lines. I understand that those in the UK are having a heck of a time.
As far as an explosion on an airplane, it would depend upon where the bomb went off and what kind of airplane it was. The airframe could survive a hole in certain areas, but if you had several bombs go off in the cabin at the same time, it could be devastating. Remember the 737 in Hawaii some years ago that had an entire section of fuselage peel up and leave a gaping hole in the side of the airplane? It landed safely. A Boeing can fly with a lot of damage.
Anyway, I think the restrictions are probably a good idea, even though I was a little perturbed when it affected me!