Is this the end of carry on luggage?

In response to a 'Plot to blow up planes' , British Airways (BA) have announced that they have revised their policy for hand baggage which includes a complete ban on all non-essential items - I take this to mean anything other than your wallet, your keys, your passport and perhaps a book.

Does this mean that taking a plane trip without checking in any luggage will be a thing of the past?, , , ,