ICE Team Art: Physics based muscle systems
I devised a way to simulate jiggling masses at runtime, using only joints. These methods required baking out the animation, but it works pretty good. The method uses dynamic hair strands that drive a splineIK, which drives the joints which are skinned. The main leg joints handle the majority of the deformations, and then small amounts of the jiggle joints are added in after the main skinning is done. While the movement may be 'minor', when used on a full character, it adds a lot of realism. I was responsible for creating the model, skeleton, rig, jiggle chains, and modifying the motion captured animations.

This is what the above jiggle joint chains looks like when attached to a full body mesh. Again, while it may be subtle, your eyes pick up on the jiggle in the chest and legs creating an illusion of the muscles moving properly with the motion. It is one of those visual things that your brain doesn't notice unless it isn't there. When compared to a static bound mesh, the difference is pretty big.
What the jiggle joints look like attached to pants geometry. Again, while subtle, the secondary jiggle adds motion that your brain picks up on and makes the movement feel more natural.