Considering I am not a smoking hot chick and I seriously doubt even the most hardened professional would take more than the most cursory (and even then reluctant) look at my man boobs and wedding tackle, I could care less if they bring this in. If they start taking and storing images for later that might be different but just as a scan, if it lessens the chance of getting shanked by some lunatic on the plane, fine by me so long as they remove some of the other checks to compensate. If they intend to do this as well as making you remove your shoes, belt etc. as they do now then that'd be just a waste of time IMO.
Also the rubber trick wouldn't work. You'd need to have something more akin to the natural density of flesh. So Maybe a sausage would be more appropriate
Of course all this is a bit irrelevant. If you are determined enough you'll be able to find something you can use as a weapon on board the plane even if that means ripping the tray off the chair in front of you. I think they need to stop panicing about it though. I'm pretty sure that after 9/11 even the most average group of passengers wouldn't hesitate to beat a would be terrorist to death if all he had was a ceramic box cutter. The time when airplane passengers would blindly cooperate with terrorists in the hope that they would be spared I would think pretty much ended on that day.
Ultimately speaking I don't think you wil ever be able to 100 percent protect against lunatics getting weaponry of sorts onto airplanes. At some point you have to make the judgement about where the line is between reasonable measures and alarmist overkill.
What's really important is that this has untold potential for naked shots of celebs if fittend in the right locations. lets not forget this