Sure, I can agree with most of that.
I also don't have anything against Provape and want them to succeed. I don't own one, but I've thought about it many times. Since they're a private company, I (we) also don't know what their revenue is and how that's changed over time. Is their revenue increasing at the same rate as the e-cig industry is? Don't know, but if I had to guess, I would say No. Perhaps, however, they're content with their current revenue stream and have no interest in rapid growth (and the problems that can incur with such). I do think that if they were interested in expanding their customer base (to match the industry), they should have added at least 10 watts to their device (and a couple of other things). There are ways around the 18350 limit (as has been mentioned before), if that was the reason (as has been speculated).
Blackberry is still a profitable company too (which people forget). In fact, their revenue in Q1 2014 was 100Million (I'd take that). They did fail to change, when change was evident, however, and it costs them a significant portion of their market share.
The P3 looks like a very solid device, but is Provape failing to make changes that many other manufacturers are? Yes. Will that be detrimental to their business, and cost them part of their market share? I don't know, that's why there's this discussion.