Oh I don't know if I agree that they will never approve it. I think that as more and more people make the switch from smoking cigarettes to far, far less harmful vaping they will have more pressure to actually do something. Right now the vaping "community" (I use that word in the same way that you would call cigarette smokers a "smoking community") although growing, is still too small to cut through all the bureaucratic red tape of the FDA. Once enough people start doing it they will certainly be forced to rule one way or another and since they haven't and won't fully ban cigarettes, they certainly won't do the same to vaping.
I will probably post my thoughts on this more in depth for anyone who cares to read it in the future but in short I think it is a very safe bet to say that vaping will eventually be regulated with set age restrictions, point of sale restrictions, quality control restrictions, production restrictions and of course everyone's favorite, Taxation. I certainly don't fear any kind of abolition or prohibition. In contrast to what Jimzilla states, DIY may actually be the part that becomes more strictly regulated due to fears of people using a controlled substance (nicotine) in improper quantities much in the way that brewing your own alcohol can only be done in small controlled batches. I feel that we can expect to see a combination of alcohol and tobacco legislation applied to vaping in the (possibly near) future. Whenever there's a big enough demand for something, there is an opportunity for the government to make money from it. Whether this is a good or bad thing is up for debate, but I certainly think it will bring vaping more to the forefront of the mainstream which I think any vaper would like to see.