>
Half the gross weight of the entire system is fuel.That's true for jet propellant, but it's not true for hydrogen. A hydrogen powered airplane would have to have a much greater volume than an equivalent airplane fueled with regular jet fuel, but it would have substantially less weight. I'm not sure how this would work out for overall performance, though -- you'd have substantially more direct drag to overcome, but on the other hand you'd have a lot less lift-related drag simply because you'd need a lot less lift.
As a thought-experiment, you could imagine an aircraft roughly the size and shape of a 757 but with the weight and payload capacity of a 737. This might be an acceptable design for a cargo carrying aircraft, but realistically, a passenger-carrying aircraft would need large cylindrical tanks on the wings for safety reasons, but also with increased drag.
> Not to mention, the entire distribution infrastructure is tooled out for liquid hydrocarbons.
In the specific case of hydrogen-powered commercial aviation, this doesn't matter at all, because there would not be a distribution infrastructure, at least as we generally think of it. Instead, we'd need to distribute water and electricity to airports, and the hydrogen would be produced and stored on-site. The equipment to make and store liquid hydrogen wouldn't necessarily be cheap, but over any significant period of time it would likely be dominated by the cost of electricity necessary to produce the hydrogen through electrolysis.
The economics of synthetic fuels for aviation are probably still better, but I think that it might be a lot closer than people imagine. If you could cheaply retro-fit existing airframes for hydrogen they'd be a lot closer still, but I don't think that's likely. It's an interesting possibility to think about though.