Gamp's Laws are, in my opinion, the most important part of learning Transfiguration.  Without them, wizards would have no concept of the limitations of Transfiguration.  The Law that I chose is love.  It states that true love cannot be conjured, it must come from within the minds of the two people.  

As far as I can tell I cannot see any loopholes within this law that could potentially change the 5 Elemental Laws of Transfiguration.  However, it is possible that one could use it as a stepping stone to reaching true love.  For example, after the effects of the spell/potion wear off, that the drinker may recognize the person that used said potion/spell.

I think that today's more civilized society has definitely benefitted from Gamp's Law of love. The Ministry has definitely tightened up on educational standards.  The Ministry has also become more sophisticated and stricter with laws.  This allows for Gamp's Law or love to be used to not only inform today's youth but also to limit the large field of magic that we know.  

There are few wizards who disobey the laws of the Ministry.  The wizard population makes up quite a large number of the entire population of Earth.  Very few of our population have become dark wizards or participate in unethical activities.  However, a portion of our population disregards Gamp's Laws and are extremely disappointed when the love potion they have worked on is unsatisfying and does not create real love.  

Love is something both wizards and Muggles crave.  It is the source of many people's joy, but also desire and greed.  By obeying Gamp's Law of love, it gives us a reminder that true love comes from within and cannot be created through magic.  Love is magic in its own way.