I've once knocked over my bottle of Tamiya cement onto my rag of a shirt I was wearing at the time. Promptly ripped off the shirt, threw it into a bucket, and filled the bucket of water. Also, I promptly hit the shower. That stuff is caustic. I've once left a drop of semi liquid cement on my finger (didn't know it was there), and I've only noticed it was on my finger when the pain started, as it gave me chemical burns... Fun ways to find out the reasons for the warning labels eh?
As for my own use of the liquid cement (FYI, I love it! ), I apply a small amount to where I need it, and tightly cap the bottle when I'm done with it.
As long as you aren't huffing/inhaling the stuff deliberatly, the thing you'll probably notice most is a headache.