Are bongs/waterpipes counter-productive?

[lateralus]

I said joints lose less THC. BUT, if you think about it, I don't see how it makes sense, since a joint is continually burning, and bongs tend to have less smoke escape the bowl.

Unless a bong really does lose that much THC. I've only met a couple people who insist that methods of smoke consumption other than bongs get them higher.