On a nicotine supplier's site they said that when exposed to air, the nicotine will oxidize. This turns it yellow, to the degree that it is oxidized. They go on to say that it still maintains it's same strength, however. It wasn't clear if they meant that it still measures the same percentage (as with one of the nicotine test kits), or that it still has the same amount of effect when vaped.
I have noticed that there is less of the stinging sensation, after steeping. This is somewhat apparent to me after a couple days, more so after a week, and even more after two or three weeks. Being sensitive to the stinging in my mouth and throat, I have dropped down to 5-6 mg/mL on the nic, and it is smooth for me especially after a few days with the cap off and shaking every few hours (to make bubbles in it for more air exposure). I'm not noticing any nic craving problems since the lowered amount, starting about a week and a half ago. With no significant change in the amount vaped per day (2 mL or so).
I know when I eat anything with hot peppers in it, the heat masks the flavor of the food, for me. Maybe the nic does something similar? Do those people who use zero nic find that steeping is necessary to bring out the flavors?
I would be interested if anybody knows for sure exactly how oxidation affects the nic absorption and effect on the vaper.