Even if it does go to sales of pre 2007 levels I know several folks within walking distance of me that make their own e-liquids. I see in this instance Vape easy's opening up and underground rings starting to form to trade necessary mods, batteries and various devices.
Flash light sales would increase 100 fold all of a sudden..
Truth-They can't ban PG (can regulate it but not ban it)
They can't ban VG (can regulate it, but not ban it)
Flavorings are used the world wide and consumer purposes.
Nicotine is a pesticide that farmers use very often, or you can steep your own.
They can't even ban mods. Any retailer could easily sell any mod, and simply include a little 5 cent LED wired to a 50 cent 510 connection and call it a variable wattage flashlight, or a mechanical flashlight, or an eGo flashlight, etc. Private transactions will be totally unaffected, as regulations effect commerce, which private transactions don't fall under usually.
Really the only hardware they are going to be able to successfully ban is probably stuff like cartos, cigalike kits, etc. And those are unlikely to get banned because big tobacco is in that market.
As you mentioned you will always be able to make your own juice, and it would be easy to have a setup where juice is still commercially available. You just sell nic free juice with a little empty space in the bottle, say it's for aroma therapy vapor, and then sell nic base elsewhere on the site.
I'm not really that worried anymore, I absolutely hate any involvement from government and will fight it at every turn, but they are impotent, and too stupid to successfully regulate this industry.
They can't stop the flow of hardware, it will just be sold under different names/uses
They can't stop juice, it will flow around the barriers of legislation like... well like juice.
They likely won't stop cigalikes because big tobacco has investments in that area.
Worse case scenario as I see it, the only thing legally able to be sold AS an ecigs is cigalikes, yet everything else is still available under a different name/use. New people will still be introduced via cigalikes, and when they want something more they can still come to forums and find out the tricks of getting the good stuff.
It's going to be a hassle, and it's wrong we should be forced to resort to those means, but if you want to vape nothing will be able to stop you, period. They will never go around throwing folks in jail for carrying a PV on them.