The aerosolized liquid has a much smaller particle size than tobacco smoke, and gets much deeper into the lungs. The liquid (similar to vegetable oil) is very poorly metabolized by the lungs, and tends to stick around for quite a while.
In terms of the smell and taste chemicals, yeah I don't know, but it seems similar to air freshener or Lysol. Mixed with nicotine, a known carcinogen.
This has got to be one of the most ridiculous products on the market, and it's being sold as the "healthy alternative".
Ahh well, everyone has their first amendment right to hurt themselves, or whatever.