Is it all for naught? That depends. There could be or is more than one fight going on here.
- Local/State Use laws: where I live they have already made it illegal to vape when and where smoking is illegal.
- Local/State/Fed tax laws: my state ranks only 27th or so on the tax rates however it has long been estimated that as much as 75-95% of the cost of tobacco products is the taxes.
- Chemical and product regulation. The FDA and I'll bet a few more agencies might want to look at these devices.
Sadly during "fire season" you can only vape inside a enclosed mostly non-flammable area or on a body of water. Best not do it at work, in the car with kids or at any of our State or Federal parks. Currently in many areas "vaping" is enjoying no 'sin taxes'. If "tax free" 30ml costs ~$15 with taxes it could easily cost $100+ making vaping cost more than smoking analogs.
Just about everything you can purchase in a store and ingest or consume has ether or date code and lot code on the package. This makes the stuff traceable if a "batch" gets contaminated. While I can sell the veggies I grow in my garden at the local farmers market, if I make relish or something out of it, it better have been done in a state approved kitchen with state certified workers and I better keep damn good records where all my ingredents came from as well as their date+lot codes. (ever get a juice bottle with a safety seal? Yeah, me nether.)
How do you think they track illnesses and contaminated product and such back to the source?
Maybe the guy that invented the concept could not get a patent on the idea. Maybe all the manufacturers and suppliers have simply jumped into a "free-for-all" where anything goes and just doing their best efforts at a money grab while they can.
Personally I think the biggest hit will be the nicotine supply. I have 2.5L of 100mg base in the freezer and will have 5L by the end of the year. I've written my congress critters but don't have high hopes.