Personally I feel cotton wicks the best. With cotton I can have a little puddle of liquid on the deck, wick tails just resting on the deck, and I can fire continuously with the cap off watching that puddle of juice disappear as it's getting sucked up by the cotton and vaped away.
I've tried German silica, Russian Ekowool, tons of random sillicas from various sites, and none of them would wick as well as cotton. When firing with the cap off, the silica right around the coil would start getting dry and eventually dry to the point of glowing coils, while there was still plenty of juice left on the deck, or in the wick tails. If left alone for 10 seconds or so the silica would finally get juicy at the coil again enough for a full vape, but if I were to chain vape high powered coil I would always get burnt dry hits after a few good lung pulls.
It's no contest from what I've seen, cotton will just wick continuously until the juice is gone, where as silica will dry out quicker and then need time to re-distribute juice along the entire length of the wick before being wet enough to vape again.
This slower wicking wouldn't be nearly as much of an issue with low power builds, or for people that take a break between hits, but for high powered chain vaping silica just can't keep up as well as cotton.
I've also found how long the cotton lasts has more to do with how wet you keep your wicks, not the power you are running. Although running high powered coils will probably make it more likely to dry out your wicks. But regardless of power, constantly running cotton wicks dry will cause them to need replacing sooner than if you drip frequently and keep them well juiced.
This became even more apparent with the Magma, my cotton wicks in it have been lasting forever, which I'm assuming is because the large juice tank/well keeps the wicks nice and juicy at all times. .3 ohm, it's had at
least 10ml of juice through it since I recoiled it, and the wicks are still plump and clean
The heat tolerance of silica is nice, but unless you're a completely oblivious vaper, you are going to feel your cotton going dry long before it bursts into flames. With cotton I usually notice a steep drop off in flavor and vapor, followed by some unsavory off-flavors of overheated juice, but in all my drunken stupidity I've never managed to suck on cotton smoke, although I guess YMMV