My own take is that this is a misguided idea. Cigarette smokers are addicted to nicotine, not to smoking, and the fundamental harm comes from the smoking itself not from the nicotine. The history of low-nicotine cigarettes is that smokers puff more vigorously to get their normal fix.
So from my perspective e-cigarettes make much more sense - deliver the nicotine without the more harmful aspects of smoking.
I have no idea what the FDA will do with this concept other than a belief they will be very cautious indeed.
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