I know vapor is important because my first foray into e-cigs lack of most vapor was what drove me away - so I know I have to have it. But if it tastes bad - thats a problem - not much of one - I just move on to something else but its very important and perhaps if my second time had had lots of vapor and really horrid taste I would have been driven off a second time. I think they go hand in hand and can mitigate each other to some extent because if I get a really outstanding flavor without a good vapor I will just use it on hardware setup know to produce more and go that way, take longer drawers or what have you. And really huge clouds - for those moments I need a vape that makes it look like morning fog is rolling it - will be great even if the flavor is not outstanding.
For me there is a third - I can have great vapor, great taste but if the 'look and fee' of the hardware is not meeting the need at the moment that can take away from the experience. It won't make me walk away from it or even stop the great/great but if it is one of the heavier batteries on a day my hands want a lighter one or I am using one that is to much something or not enough something in look at feel it can detract from the experience.
The premise of many old TV analog commercials to sett the analog brand and style to the public: Tastes good, smokes good, and looks good. They were on to it with analog - the 3 things that really went into what kept people picking up an analog and why they would be so loyal to a certain brand, length, even paper/filter color to the ends of the earth. Those things were important parts of hooking and keeping smokers to the analog product and I am not surprised at all that they are part of the vaping replacement because vaping works so well it had to give those things we would otherwise miss too much.