The two produce similar effects. The former is easier to accomplish due to initial expense, setup time/effort/energy, and duration of application. The latter is healthier. The former uses a higher heat, over 1000*F , from a flame which ignites all material (effectively destroying it before use) whereas the latter is achieved by hot air at a lower temperature that does not cause combustion of the material. This vaporization process is actually inefficient as the forced air through the material draws away the fine particles, usually those containing the desired molecule, from the heat and deposits them on the device instead of being vaporized and inhaled. However, one can reuse the deposits and remaining plant material in different applications so the “high-potential” is not lost, just delayed and fragmented. Even from the inefficient vaporization of material, the effect is as strong, if not more so, than smoking since the lungs are absorbing fewer chemical vapors at greater concentration (ie. cleaner, leaner, and meaner than smoking).
In conclusion, vaping is healthier and you get alternate re-uses from the same material while achieving an enhanced level of effects.