When I first started vaping back in February, was still weaning-down from smoking, I actually did watch my smoke as I exhaled from a cigarette, and I did this again this summer during my dual-use phase. It's really not that much in terms of volume or thickness, but, when you consider that smoke is depositing *solid particles* into the lungs with each drag, whereas vapor is not, it does sorta make sense that some folks, especially those who inhaled their smoke very deeply and/or smoked very strong cigarettes, would find thicker vapor more satisfying; I suppose it feels more like *something* is actually going into the lungs, as opposed to the very light texture of thinner vapor. And maybe that's one reason I have a problem with thicker vapor; I couldn't inhale cigarette smoke very deeply without it giving me that ol "cough-up-a-lung" reaction, so I learned to do very slow, shallow inhales (which turns out to be the best way to inhale vapor too).
I've also noticed that the flavor of vapor seems most noticeable on the exhale, rather than on the inhale or in the mouth, so maybe a thicker exhaled cloud gives a richer flavor, although I have noticed that if the heat is too high, it does start to decrease flavor after a certain point, and I suppose that point really depends on the particular ejuice.
I'm starting to realize that one's preference for thick or thin vapor is just another preference in the continuum of vaping -- clearo or carto, RTA or RDA, tobacco or sweet stuff, eRoll or eGo or "big honkin mod" -- whatever works to help a person stay free of smoking, that's the right thing for them!
Andria