I disagree that it is as entirely cut and dry as you suggest.
It is simply an argument at this point that any ecig containing nicotine is a "new drug" subject to FDA regulation, and that therefore marketing them is "already" a violation.
It is quite possible that only ecigs marketed as smoking cessation devices or as NRT or with health claims will end up being deemed in violation of the Food, Drug and Cosmetic Act.
yvilla, I agree with you. I don't think it is that cut-and-dry at all. But it is the vendors that make this so cut-and-dry. I posted several times that we should petition, not to the lawmakers and FDA, but to vendors, asking them to take off their NRT claim (or setup a separate storefront for 0-nic vaping customers).
A good example is: when the NicLite (nicotine water) was taken off the market, you could still buy low concentration nicotine suspended in USP grade water from chemical supply company without any restriction. The same thing sold in a different way.
Some vendors are already doing this, like puresmoker--refering e-cigs as personal vaporizer, no claim of NRT, etc.
But, I understand that it is a real catch-22 for vendors. If they don't market e-cigs as NRT, it would work very well in mass-marketing. I, myself, wouldn't have bought them initially at least, if they weren't marketed as NRT.
On the flip side, it is a real problem for FDA as well. If they are claiming medical benefits, they cannot NOT regulate them (such as applying section 505).
Don't get me started on the problem with e-cig patent in all this.

In short, it won't make any sense for people who do not have the patent to get FDA approval, even if they could. The patented product, and the marketing thereof, define the "drug" to be approved or taken off the market.
Personally, the best possible route for us is to keep the devices legal. After all, delivery systems such as chewing gum, lozenges, pathes, and bottled water were never taken off the market while Nicorette, Habitrol, etc were. They had a legitimate alternate use, in our case, 0-nic vaping, aromatherapy, etc.
There are many ways to safely and cost-effectively extract or obtain nicotine or add nicotine to PG. Also, a completely unrelated note, I am working on a new chemical formula for shoe polish. Oddly it is nicotine suspended in PG at 36mg/ml density. It makes a great shoe polish.
My 1 ml of PG (2 cents)