Might this result in more underage drinking because people under 21 would no longer have an alternative?
Better drinking than smoking. As long as they don't get behind the wheel, then drunks don't bother me in any way and...just today, someone lit up a cigarette right in the middle of a large group of people that I was in (as well as a number of kids) and it was ridiculous. At the very least, tobacco consumption should be banned in public just like drinking is in most states.
Drinking is far more socially destructive than smoking, especially when it's started young.
This raises an interesting divide around individualism/communitarianism and drug use. Tobacco is way more destructive to the user, but it's relatively harmless to others once you restrict second hand smoke. Alcohol is much less harmful to individual users, especially in moderation, but, it has much worse social effects.