Hey Toe (I always think of you when I look at the night sky...)
I think they're going on the assumption that we get all the nic because there's no sidestream smoke loss as there is with a burning cigarette, which loses nicotine while it's lying in an ashtray, or waved around or whatever. I don't think this is right - I like to see vapour, like to trickle it out my nose and love to blow smoke rings, all of which can be considered sidestream vapour. I'm sure I'm losing more than 2% just playing with it.
Emp
Yes,but don't forget you probably did the same with the cigarette
When they 'rate' the cigarettes they measure the amount of smoke that gets dragged like a smoker would drag (6 sec every 30 sec). No losses considered anywhere else. e-liquids are 'tuned' according to that measurement. so in the same conditions - the amount of nicotine that gets out at the end of e-cig or cig in one drag is the same. what you do with the smoke after that is another problem, but same for both ways of smoking.