As far as I understand it, the PG/VG is a Humectant and draws in water from the air around it. In our case that would be the air in our lungs. What you breathe out is a tiny percentage of water, along with heated PG/VG. When you heat PG/VG, it becomes that "smoke" or vapor you see. Kind of like when you heat water it becomes steam.
I've heard scare stories too Want To Quit, and I think of it this way. A lot of users here have been
vaping for over a year. Lots of them for a lot longer. And there are (at a conservative estimate) 100,000 vapers and growing daily. If there was some serious health issue, don't you think it would have shown up by now?