I don't know. Between health law suits and diversifying thier cig money and investing in other assets outside the tobacco class (i.e. RJR Nabisco having to have spun off the tobacco, its been awhile, but still applicable), I think Big Tobacco has bigger fish to fry, and indeed would try and enter the market rather than bring the whole thing down (I think they see the RIAA's futile efforts to prevent torrents, etc we've all seen how fruitless this is).
Again, I don't think they'll waste thier time. Hookah is probably on Big Tobacco's radar, I just think it will awhile before we see any tangible action. When we do, there will be enough people (like us at this site) to call BS on "Marlboro Red Shisha" or "Camel Turkish Blend Shisha Light".
I wouldn't worry about socialized health care (thats a shell game that will perpetuated forever), I would worry more about things like this: