As described in media reports of the day, the alleged "liquid bombing" plot which was allegedly foiled during the second week of August was to have been a synchronized attack
in which terrorists would make bombs out of harmless liquids aboard
moving airplanes and blow those planes out of the sky more or less
simultaneously, causing "mass murder on an unimaginable scale".
As described in a few blog posts and one British report, but not in any major US media, the alleged plot relied on many factors which were seen by some skeptics as considerably unlikely.
A recent article by Jason Bennetto in The Independent claims that because of the clumsy way in which the alleged plot was broken up, beginning with the arrest of Rashid Rauf in Pakistan, many of the alleged plotters disappeared before they could be arrested. Most of the reaction in the left blogosphere has restricted itself to either simply mirroring the article, or else using it to criticize Bush over his foolishness and perhaps pointing to the timing of the arrests in context of political events in the USA at the time.
But if these "terrorists" -- this so-called second wave -- are still at large, then it makes sense both to ask how viable the plan was at the time, and to re-examine its viability now, in light of recent changes to airport security.