moisture contents is a definite factor, but I would also like to say that potency of the strain is a factor too. if it run out of vapor then maybe it's actually cashed earlier than another strain due to a combination of potency and available water vapor.
Interesting thread and AFAIK, not widely reported - my 2c - full disclosure, I'm a scientist so I like to think about the physics and chemistry of the process of getting THC out of the plant and in to my head:
ABV: In terms of colour/smell, once the volatiles have departed, any carbohydrates (sugars) will have been 'toasted' and that's what probably gives the colour (if you've ever made caramel you'll know what I'm talking about) and characteristic smell. Higher temp/longer exposure gives darker browning IMHO. Carb content depends on the variety, the growing conditions, the growing cycle time the bud was picked and the way it was cured and stored. If the plant was full of sugars, I'm guessing the ABV will brown faster, darker and smell more like caramelised sugars.
Water: If the bud is wet, most of that water will probably need to vapourise first - the boiling point at sea level (100c) is much lower than that of THC and other terpenes. So if the material is wet, first you'll get moist air without much obvious vapour until most of the water is gone - escaping water will tend to keep the temperature of the material capped to down around 100c no matter how hot the passing air - google "latent heat of evaporation" - so the THC won't get vaporised until the material is dry enough for the temperature to get to where the terpenes start evaporating.
Vapour: Physically, AFAIK vapour is a visible cloud composed of tiny droplets/particles of volatile materials that escape out of the plant cells and trichomes as the hot air wafts past while you inhale. I would guess that even if the conditions (air temperature/velocity and the amount of exposed plant material surface area - big chunks have less than a fine powder eg) are identical, different varieties of herb will likely make very different volumes of vapour. One thing I've noticed is that high skunk content bud tends to keep producing obvious vapour longer than high sativa varieties but that's a subjective impression clouded by a lot of vapour - oh and skunks tend to make a more cough inducing vapour in my experience too. Sativas seem to make nice minty vapour that's not so irritating but most of it seems gone after a few good pulls...
I always give my herbs a long, slow, low temperature drying as soon as they arrive -they crumble better (more surface area to evaporate those yummy terpenes) and that water doesn't need to evaporate before I get a decent hit. Bonus - dry material is less likely to be a nice place for fungi to take up residence and might retain potency longer under any given storage conditions because oxidation tends to be more active in the presence of moisture....
As always, your mileage may vary...