I've looked at this ad a few times now. I don't have a major problem with it. I wish they put in "Accidents" happen instead of "life" happens, but I much prefer it over the tv ad.
For those moms who already carry epipens, their allergy management or epi carrying won't change.
For the general non-allergy population, I don't think they're going to spend more than a millisecond on the ad. I don't think they're going to pick up on the subtle aspects people think this ad implies...that it's ok to eat the cake no matter what...so bring the epipen. If those actual words were printed, then I'd have a huge problem. If anything, seeing an ad in print with May Contains and life threatening may add legitimacy in the general population's mind. Wow? It really can be life threatening?
I don't know how it would affect those moms who don't carry them...it may work on some.
I don't think Dey is out to make kids go into anaphylaxis. I think many commenters on that blog (I only skimmed the responses) are getting too fired up and people need to step away and cool off.