I voted for #2, but let me explain.
I prefer a strong throat "presence." I need to know that I have just inhaled something other than air. However, I even more prefer a tingly, or singe-y throat hit...without a bit of tingle, the throat hit feels flat, even if I can tell I'm inhaling more than just air.
Awhile back, I bought some Heavy Shag flavor from Janty. It came in a bottled labeled "Cigar" which I assume is the same thing. Inhaling that stuff sends me into a coughing fit nearly every time. I do not like that feeling.
In an effort to explain/confuse things further, I'll liken it to carbonated beverages, alcohol, and water. Drinking water is fine, and better for you, but it lacks something that makes drinking carbonated beverages fun for me. Taking a drink of Coke is a wonderful experience; it tingles the throat, almost burns, but then it dissipates and you feel refreshed. Drinking flat Coke is mostly just gross, as all of its punch is gone.
Now, take the strongest alcohol you can get your hands on and just start guzzling it*. You'll certainly feel that! But that feeling, to me, isn't at all pleasant. It typically results in gasping, coughing etc. Sure sure, a pleasant feeling will come in later, but that feeling has little do with the actual drinking experience.
So, that's how I see it:
No throat hit = drinking water. Fine, but not what I am looking for.
Great throat hit = Drinking a Coke. Impactful, tingly, but not painful or cough-inducing.
Bad throat hit = Guzzling turpentine. Impactful, painful, results in coughing fits and other unpleasantness.
*You probably shouldn't actually do this.