I've heard a few people sing their praises, and a few say that they're not worth it. Some cost $80, some are $400, but I don't really know what makes one better than the other, or either of them better than a $20 glass pipe.
Sometimes if I'm smoking every day I'll develop a cough, so I'm guessing that it's not that great for my lungs. Would a vaporizer be better?
Yup. With the standard version you spin it so that it heats up evenly, but the M Plus, armored cap, and FMJ options are designed so you can just point the torch at a designated spot to get it hot enough.
I highly recommend the magnetic dugouts as they give you a spot to store it as the tip cools down and an easy way to remove a warm tip.
If you are using a standard bic/clipper lighter, then you want to bury the tip in the flame as you spin it.