[Low-tar, low-nicotine cigarettes have been around for a long time. Smokers are now suing tobacco companies for marketing these cigarettes as relatively safe. The suit says that to get the same nicotine fix from low-nicotine cigarettes, smokers "unconsciously engage in compensatory behaviors " such as smoking more sticks, inhaling more deeply, or delaying exhalation. So nicotine reduction doesn't end up reducing the damage. And remember, these cigarettes are low-nicotine and low-tar. A low-nicotine, regular-tar cigarette would, on this theory, cause even greater damage, since you'd have to inhale more carcinogens to get the same fix.]
You hit the point. Nicotine is not dangerous, the problem is from all other carcinogens and particles inhaled with smoke. And a low nicotine tobacco is going to increase not decrease the risks as to compensate smokers will smoke more. It will be probably better for the big companies as they will sell more cigarettes in this way.
It is all nonsense, unfortunately we live in a society practically controlled by liberals chic who think they know what is good for all other people and they will pursue their goals. This is not to say tobacco is not harmful but it should be a personal choice. If the tobacco will be legally banned at some point in the future it won't disappear but simply a black marked will flourish out of it as it is now for marijuana. It is interesting the most fervid opponents to the tobacco are the same liberal chic who want to liberalize the marijuana market. I suspect this is because marijuana makes people mind controllable by the government while in the opposite nicotine sharpen your mind (Einstein smoked pipe and it looks it did not affect his intellect).
It's a sad situation to which I don't see any improvement in sight but only worsening and just not only about tobacco but as for the future of our free society as we conceive.