I've always been under the impression the reason why the fda is taking so long to regulate it is because they simply can not find any current standard that ecigs do not qualify under. To impose really any significant restrictions that would hurt ecigs, they would have to hurt things they already approve of.
Or maybe that's just being paranoid? I don't know, it seems like they are desperately trying to find something.
While it's a little paranoid, I'm not so sure you're that far off. Consider:
PG: Please, what doesn't use it? We feed the stuff to cattle, use it as a food preservative...
VG: Ditto.
Flavorings: Er, well, ditto.
Batteries, devices, unfilled toppers: Not under the FDA's auspices.
Nicotine: BINGO! However, it has pharmacological uses and the FDA wouldn't imagine getting in the way of drug development, for obvous reasons (some of which are actually pretty humanitarian!)
However, the wheels of government (like those of justice) grind exceedingly slowly, but exceedingly fine.
The FDA has already submitted one set of regulations to the White House and had them rejected as too restrictive. New regulations aren't expected until fall at this point, as it does take six months or so to revise them.
Post that, there will be an open review period, followed by an implementation window (which I expect will include lawsuits from various manufacturers and a series of injunctions).
Then, and only then, will the new rules go into effect. I cannot imagine that will be before 2016, and possibly not even then.