cainne - I like to think of it as the same process that happens to cheese or wine, as it ages the flavors tend to improve. This is simply an ongoing reaction of enzymes (in cheese, usually from fats and milk protiens) or sugars, acids, alcohols (and phenols in wine) over time. This reaction changes flavors from a 'fresh sharp' to a more mature 'rounded' taste.
As Ejuice contains some form of sugars (PG and VG) or sugar alcohols, and TV uses Ethyl Maltol (sugar compound) these would react in a similar way to the way wine does over time. If you're interested in the science then Id suggest looking at wine ageing processes; its not exactly the same but the sugars and alcohols (and I dont mean its full of alcohol, like vodka, its a more generic term in science) would make it 'similar'. The addition of oxygen to the 'mix' (ie opening a bottle) can also change the flavor due to oxidisation of certain chemicals (in foods this usually affects smell, which in turn would affect taste). Oxygen can also bind to phenols (in wines) making the polymerisation of compounds larger and softer (in taste).
Most cooks don't know - or need to know - the exact science behind why their food tastes the way it does - I presume its the same with makers of anything else. You know by experience.
Using wine as our example then its also safe to assume that SOME liquids (not TV per se, but in general) like SOME wines, would taste LESS good over time - white wine for example, in general, does not benefit from ageing the way red wine does - it gets 'sharper' or 'stale' over time. You'd need to know the exact chemistry of each
eliquid to predict its outcome over time, and even then, you might be wrong
I do know from my own experience that many juices, not just TV's, can improve with age, and some just 'go off' - perhaps those ones are not mixed fresh or have been stored at too high or too low a temperature; its imposssible to know for sure. I have found that in the case of TV - the juice seems to mellow out over time, becoming less sharp and more rounded, in a similar way to my 'wine example'. Some flavors seem to change little, some a lot more - its not something I really question tbh, I just go with it lol.