All of the restrictions on liquids and gels apply to carryon luggage only at this point. Normal hygiene and cosmetic items, like toothpaste, shampoo, sunscreen, makeup (for those fashionable summit shots) are permitted in checked luggage.
These restrictions are more of a problem for business travelers who have gotten used to using a roll-on bag that fits into the overhead bins. It now means that overnight trips will require checking luggage or spending time and $$ at the far end to buy a bunch of stuff you'll throw away before getting on the plane to come home.
Annoying but not insurmountable.