lol...pdib.

Just razzin you.
I like your last description. "vapor" vs. "visible condensing vapor"
BTW I agree with your post that with TH there is more going on than a condensing effect or creating steam. I think the way the
vape comes off the coil plays a bigger roll. You get a better
vape when you get the fireworks effect when pulsing
coils. When this happens it looks like there is non-vaporized liquid suspended in the vapor. Maybe this is a wet vapor vs a dry vapor? I think the liquid particles give the flavor component and the nic TH component on the inhale. When you exhale the vapor has cooled and condensed, larger liquid particles are filtered out (on the tongue, mouth and throat) and the vape smooths out, giving big clouds.
I posted on a scubaqu set up a couple of months ago that produced an unbelievable amount or vapor at only 12 watts, but the vape quality was poor. There was very little suspended particles.
https://www.youtube.com/watch?v=Sla8zB0a_J4