In fact, if Yihi open sourced the code, the user functionality of this device would explode, users could add features, change the menu and designs, etc. But every company is afraid to allow their community and fans to do this. It requires the bootloader to be non-writable so that users could easily restore to factory firmware if their device bricks (a non-writeable bootloader makes the device unbrickable) but my guess is that they dont have a non-writeable bootloader, ie. the bootloader is included in the firmware, which is creepy - you can tell because in order to turn the link on, the device has to be booted, theres no emergency recovery process.
Open source has its place, but generally no manufacturer will employ it were it can lead to serious product liability issues. For example, car manufacturers have been adamant that only properly licensed mechanics be able to access a car's software. Part of the reason for this may be to ensure commercial advantage against non-licensed mechanics, but a serious concern they point out is that modifying the software can make a car dangerous and a car owner may have no idea what modifications have been or their effect until it is too late. For the same reason, I doubt e-cig manufacturers will have any more interest in such an idea. All you need is one person modifying the code so that the product works in an unsafe manner, such that the manufacturer ends up with a big black eye from the resulting media coverage or lawsuit.