True, a wait-and-see approach may prove prudent in this case. But as far as what an association seal of approval can give, it's like getting a seal of approval from the BBB or Good Housekeeping. Government regulations do not guarantee compliance and who will ensure compliance? The government is notoriously bad at enforcing its own rules and regulations - there's so freaking many of them! lol!
Anyhow, even once there are government standards, there will still be fly-by-night companies and those who are less than ethical. Having an association that will assure consumers that the companies who are members of the association (and listed on their web site to easily find, of course) are above board, follow the rules and regulations and trustworthy is an added value for consumers. It's standard practice in hundreds of industries and there is no reason why it wouldn't work for the e-cigarette industry, as well. It's why we have the BBB, Angie's List, the UL and a whole host of industry organizations. People know that just because there are laws that doesn't mean all companies follow them. So, regardless of what rules and regulations the FDA comes up with, consumers will benefit from and ethical association that is ensuring quality and adherence to those rules and regulations. It also benefits vendors and customers to have a powerful association that can lobby the FDA to make improvements to those regulations to better serve the consumers. (For example, the REALTORS Association doesn't just hold brokers accountable, it developed the MLS system and lobbies for laws that benefit home buyers and home owners and against those that would make home ownership less possible or more expensive - ie. taxes, interest rates.)