Regarding research conducted to date:
The link above that Yvilla provided will take you to a page that contains numerous lab tests on the liquid, and one on the vapor.
Health New Zealand has also studied the vapor and pronounced it "harmless, inhaled or exhaled."
Ecigarette mist harmless, inhaled or exhaled
After the FDA came out with its accusations of carcinogens (TSNAs), NJOY had tests conducted on the vapor (because after all, folks don't drink the liquid). That testing determined that only one of the TSNAs that FDA found in the liquid can be found in the vapor, and that particular type of TSNA is not carcinogenic! You can read a copy of the test here.
http://www.casaa.org/files/Study_TSNAs_in_NJOY_Vapor.pdf
So all the toxicology testing that we have to date shows no toxins and no carcinogens in the vapor.
Only brief tests have been conducted on human subjects. Keep in mind that testing that involves humans tends to be quite expensive, and the longer the study, the more expensive. But more pertinent is the fact that any testing that involves humans must be approved by an Institutional Review Board (IRB) to ensure the safety of the subjects. That doesn't preclude a researcher from conducting such tests, but his results would never be approved for publication in a peer-reviewed medical journal.
Health New Zealand randomized crossover trial:
http://www.healthnz.co.nz/2010 Bullen ECig.pdf
Virginia Commonwealth University, T. Eissenberg:
Electronic nicotine delivery devices: ineffective nicotine delivery and craving suppression after acute administration -- Eissenberg 19 (1): 87 -- Tobacco Control
Comment to the VCU-Eissenberg article:
Replies to Electronic nicotine delivery devices: ineffective nicotine delivery and craving suppression after acute administration
Another type of research is surveys. To date, two surveys of electronic cigarette users have been published.
This University of Alberta survey report was orginally published as a working paper on the Tobacco Harm Reduction web site:
http://tobaccoharmreduction.org/wpapers/011v1.pdf
It was added to this book as Chapter 19:
THR2010. (tobaccoharmreduction.org)
Jean-Franxois Etter's survey:
BioMed Central | Full text | Electronic cigarettes: a survey of users
Etter is in the process of compiling responses to a survey that had 1500 participants as the goal. We have a link to Etter's new survey posted here on ECF, along with a link to a survey that Kristin put together for CASAA. If most folks responded to both surveys, then judging from the number of CASAA responses Etter had more than 2,000 responses to his new survey.