TL/DR: R&D $ = crazy new tech. I am a happy non-smoker. Legislation coming, be proactive and make the narrative about vaping positive.
It is amazing to me that electronic cigs and/or nicotine delivery systems have come so far without regulation or oversight from at the state or federal level. I am not saying I want it to happen, I am just surprised the government has not jumped on it as a possible revenue stream with how quickly the market has expanded.
As for the future of vaping, I see larger companies becoming involved as they realize the market holds an amazing amount of money. The upside is innovation through research and design, the downside is more regulation through the courts (patents etc.) and legislation. I think the batteries and tech we use today will seem like dinosaurs in less than 5 years. I look back to my old batteries from my Mikita 9.6v drill and cringe at the thought of carrying around something so heavy and awkward that held a charge for such a short time. Flavors and nicotine delivery is an area I cannot imagine. Piezo ultrasound was mentioned above and would be great. The essence of what we use now is a heater coil that fires quickly and vaporizes a small amount of liquid. It is really simple and imagine if a company like Pfizer tossed 1% of it's research money at finding something that could bring them into the market. In 2010 they spent close to $10,000,000,000 in R&D. Pfizer is a giant and may not have any aspirations to be a leader in eCig tech, but there are many other companies that may want to capitalize on a market that has seen 4 digit growth each year for the last 5 years(+/-).
I am just a noob who is grateful for the 19 days away from smoking analogs. I tried for 20 years to kick the habit. Patches, gum, chewing cigars, and was about to give in and go the Chantix route. I knew the risks and watched a friend become a very different person after using it. I have a hard time believing it is still on the market, but I was close to giving it a go to end my reliance on the smokes. I tried the eGo and mini Protank route, and while it helped curb my nic cravings I could not quit the smokes. I read and talked to many former smokers in the B&M shops as to how they changed and Mod + Dripper kept coming up. I finally had enough on one Sunday after trotting up some stairs and being winded. I bought a K101 and Octopus. My first (shop made) coil only lasted 45 minutes before I decided it was crap and reworked another to get me what I wanted. That was day one. The intervening days have brought a Chi and IGO-W, Sony batteries, 200' of A1, switch to OG cotton, waiting on a KFL+, and ordering a genesis style beginners atty today. Like I said, there's money in this business.
I am a firm believer of eCigs ability to help move people away from analogs. I think all of the stakeholders involved in vaping need to be proactive about legislation and push for what they want. It is going to happen so we need to move it forward with a specific context. It really doesn't matter what party you align yourself with to see how inept our lawmakers are in DC. If we allow them to move forward at will we risk a great deal. Sorry about the rant.