Well actually, you were right when you said that the area becomes restricted...however, it the changes don't have a very big impact on the normal air operations in central Florida. I fly out of Daytona Beach, and frankly, not to much changes during shuttle operations. A NOTAM (notice to airman) is issued, which tells pilots about the launch. An area, about twenty five square miles on the coast is closed from the surface to unlimited. Most of the restricted airspace is actually out to sea, and is about 3/5 the size of Orlando's class B (this area is closed three hours before launch. Flights along the coast have to deviate, and flights departing and arriving in Orlando use different routes, but its not really a problem since the whole thing is over so quick.
The shuttle doesn't require a huge area when it is landing because it approaches at an angle about 15 times greater than a commercial airplane.
On another note....there is NOTHING like seeing the shuttle launch from an airplane only a few miles away.