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Vapor
When I hit the vaporizer, I usually exhale whispy vapor you can see, even after holding the hit for 30 sec. or so. But sometimes, on the green hits especially, I exhale no vapor but I can taste it strongly and even feel it too. So I guess you don't have to see vapor to be getting a good hit. One small bowl is usually good for 5-8 hits. Vaping is definitely the way to go.
Edit: I also got a great little bong/bubbler and roll joints once in a while, but vape mostly.
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Vapor
Man, i just saw that other poll. Oops. Shit.