The bottom line is, if you MUST have a Visible "smoke" you will need a solid. Somthing with a low flash point, or OIL of some kind, to actually Make the smoke. Thats where the health risks come into play.
IF these were used as Just a Nico delivery system, it would "Almost" be risk free.
If there was a way to just vaporize it with out heat, that would help too. (any electronic engineers out there? hehe, im more mechanical)
Also, if the e-cigs are acting like a fog machine, and if those are approved (at least here in the states) by the food and drug administration, wouldnt these be approved as well? By proxy, as long as the mixes were close to the same ratios?