Smoking it offers more of a “kick to the head” kind of result. Maybe it’s the carbon monoxide or something, but I prefer the insta-high of a moderate bong rip to the gradual high of multiple pulls of, for instance, the PAX my friend uses exclusively.
On a different note, I visited Italy once for a few weeks and wound up in an alley behind a pub in Rome smoking with some locals. They said they almost never even see bud available, and mostly only ever get hash. They can hardly believe we Americans smoke weed straight-up, as they mix their hash with tobacco. They also roll their spliffs with the paper upside-down and backwards, which I found really cool. I always rolled joints with the glue strip facing up, and away from me at the far edge. If my joint is small, it still uses the whole paper. They roll them with the glue facing down and at the near edge. The glue edge gets rolled up and under the rest of the paper, and then they wet the glue through the roll, so whatever paper isn’t needed for the joint is left sticking out like a little flag after the glue sets. Then they burn off the flag before smoking the joint, so that whatever paper isn’t necessary for the joint isn’t being smoked. If you time it right, you can burn the flag from the bottom, and just as it reaches the top tip of the joint, you can take a small hit and light the joint with it. Really eye-openingly cool.