Of course everything is a calculated risk. I know folks who NEVER treated water on the PCT and never got sick. I know folks who used bleach, filters, Aqua Mira, and lots of other things. Most folks were fine.
As far as Aqua Mira (liquid) goes, I'd love to see the stats on how many PCT, AT, and CT thru-hikers used it in the last 5-7 years. I'm sure it's in the thousands. I wonder if there was a single case of people who correctly treated their water but got sick anyway (and it wasn't from their own poor bathroom hygiene!). I really think the risks are SERIOUSLY overblown by people, at least along the PCT where I know the water sources.
I have never, ever heard of anyone waiting 4 hours for the liquid action to work (I'm sure people do). Everyone I have every hiked around using it, me included, gives it 15 minutes or more. I know that's maybe doing nothing about cryptosporidium, but I guess that has been a risk everyone is okay with.
My usual approach was to have some water left coming into a water resupply. Mix the AM right away, as much as needed. Drink the rest of your old water. Refill bottles. After five minutes, put the AM into the water. Depending on the next water (not too far?), I'd hike out, and could start drinking >15 minutes later. Or take your shoes off, have a snack, wait 15 minutes, drink LOTS of water, and either head out or treat up another round and then hike out as above. Of course, when you fill up 4-5 liters in SoCal and hike out, only the first sips are 15 minutes, and most of the water in those bottles is being treated for 1+ hours (maybe 6-8 hours by the time you get to the next stop).
I know someone will freak out about risks, and four hour wait times, and cold water, and ebola, and whatever, but in the real, actual thru-hiking world on the PCT (as distinguished from speculative talking on an internet forum), this approach has, is, and will work fine for most folks.
Also Evan, make sure to read up on choosing proper water sources (probably in the Jordan book), and MOST IMPORTANTLY practice good trail hygiene, including bathroom stops and Purell and all that.
And feel free to "Search Forums" on Aqua Mira for MANY similar discussions in the past. I hesitated to post here to contribute to yet another one, but I wanted you to get an alternate viewpoint about using the liquids for YOUR needs.