Glad to see the conversation still going ...
I am glad several of you see the validity of the PC industry analogy. I think the timetables are accelerated now a days, but you can certainly see the same cycles at work.
Early on we got most of our software from Shareware, Public Domain and then Open Source (as it is known now) sources. There simply was very little GOOD commercial software. There was a lot of "sharing" of software going on then as well. This was followed a decade or so later with the introduction of so-called software patents.
With PVs, we have already seen the first patent law suit suggesting the industry has already reached a level of maturity. This can act as an agent to produce more innovative designs, but it will also (eventually) stifle the creation of clones as was mentioned earlier. This is not necessarily a good thing because innovation can come in the form of manufacturing process - where costs are reduced, less waste is produced and margins are increased.
Look at all of the tank systems available. These certainly are all copies of each other's basic design. But they differentiate themselves with features and varied manufacturing processes. There are certainly differences in quality as well. All these add up to give consumers more choice even over a similar basic design.
The other thing I notice is that this "taxation / regulation" phase may be upon us but it is really not that important in the grand scheme of things. It is a standard cycle and will happen. The pendulum will swing too far at first as an over-reaction. This always happens. However, the more interesting aspect of this cycle is that it is a sign that the PV is becoming "mainstream" and has caught the eye of consumers, big biz and regulators alike. What comes with that is more investment in product development across a wider group of players.
Yes, we see Big Tobacco starting to get interested, but they will not be the only ones. Look at the communication industry - cell/telco companies, cable companies and even power companies (in some cases) duking it out for market share. This has provided for a healthy source of competition, driving product development giving us more choices.
Yes, vaping will probably become more expensive for a time until the competition can take shape and drive prices back down. Regulation will go over board for a while as well. Watch for vaping to be an issue of some national election - that is when we will really know we have arrived. During this time a large body of companies will be fighting over how to "monetize" the industry. This will, in part, be a driver of some silly regulations that favor one group of companies over others. [ Can you say net neutrality? ]
Ten years from now, the industry will look nothing like it does today. Vaping will no longer just be done by the cool kids. Much like the hobbyist computer geek (of which I was one since the 70s) no longer had a place and lost control of their hobby.
That took some adjustment for me. But now, computer products are commodities. Very few people are afraid of them and software runs in everything (watches, refrigerators, toasters ).
The same is coming for vaping. Better products, more available, a lot more of them and in most cases will be much safer.
Exciting times ...