I vape but in moderation. My e-cig is less powerful than those fog machines some people use.
It is actually better than smoking, I know because I'm not coughing up tar.
You can get Popcorn Lung if you abuse it, but it's hard not to sometimes.

It’s not just water vapor but too many chemicals mixed in it and fumes even in traces are good enough to scar the lungs on the long run.

Vaping isn't only water vapor. It's what you put into it and many don't even have flavour, just nicotine.

Ehm...
Inhalants are not inherently nicotine-made.
Source: My own work as an alchemist (or chemist for the prudes)

All chemicals