You wind up absorbing less nic due to the nature and molocule size of the vapor (that is my understanding)
True, except I think you mean the size of the suspended particulates, not the molecules themselves. Particulates from vapor are much larger than those found in cigarette smoke.
It's my understanding that only the nic on the surface of the particulates are absorbed. A larger particulate means a smaller surface area to volume ratio, and thus less overall absorption. Moreover, with solid particulates, such as those found in smoke, the nic tends to be mostly found on the surface, whereas with a liquid particulate, it is spread throughout.
Really this is just the musings I've read on the web. We really need a robust scientific study to clarify things. For example, I wonder if holding in the vapor leads to higher absorption... like when you hold it so long that no visible vapor comes out. Leads me to believe the particulates deposit themselves onto the lung tissue and we'd have a much higher absorption rate.