Throat hit is generally caused by both the nicotine as well as the propylene glycol. If you've ever stuck your face in front of a fog machine, you've noticed the pg side of things.
Vegetable glycerin, chemically speaking, is a less efficient vehicle for the nicotine. It's not readily absorbed by the tissue in the respiratory tract and therefore delivers less nicotine per hit. The lack of absorption is partly responsible for the increased vapor output. There are also some potential (and I mean POTENTIAL) hazards of using pure vg liquids. Just before vg reaches its boiling point, it decomposes and produces acrolein. If you're not familiar with this chemical, it's incredibly...incredibly toxic. While I've never seen, or heard of an atomizer reaching a temperature high enough for this to happen, mod folk and those vaping their carts dry should take note of it.
I have no idea what the potential hazards of mixing ethanol into the liquid might be. I imagine that its addition may lower the boiling point of a mixture with vg and may increase vaporization efficiency. Then again, I'd need to conduct some experiments to determine if ethanol causes unforeseen chemical decompositions, or is involved in any other side reactions with the nicotine, pg, vg, etc. before I could be sure. Any other biochemists out there that have some insight on the matter?