It is a common misunderstanding that the exhaled vapor is just water vapor, Tobias wrote me in an e-mail. A recent study he conducted found that nicotine and propylene glycol a compound used in fog machines can be found in e-cigarette exhalations. He did not find formaldehyde, which is common in real cigarettes.
But Tobias pointed out that some people are sensitive to propylene glycol.
So, e-cigs are better than real cigs, but possibly not as good as no cigs at all. Or, as a study by the German Cancer Research Center concluded: Adverse health effects for third parties exposed cannot be excluded because the use of electronic cigarettes leads to emission of fine and ultrafine inhalable liquid particles, nicotine and cancer-causing substances into indoor air.
https://www.washingtonpost.com/local/when-e-smokers-breathe-out-what-do-we-breathe-in/2013/05/28/ccce833e-c79c-11e2-9245-773c0123c027_story.html
You may already recognize this chemical for its more everyday use as the key component in newer automotive antifreeze.
However, propylene glycol is considerably safer (less toxic) than its far more dangerous cousin ethylene glycol.
Yet because of its proven ability to cause a serious type of blood disease in some animals Heinz body anemia propylene glycol has been banned by the FDA for use in cat food.
But unfortunately, it can still be used to make dog food.
http://www.dogfoodadvisor.com/red-flag-ingredients/propylene-glycol-dog-food-aid-or-automotive-anti-freeze/