My reasons are twofold: one, I don't want to have to explain it, and two, I don't want to get on the radar of the man running the show as "that guy with the e-cig" and would prefer to be "that guy who does a great job" instead.
He has only ever graced us with his presence twice, but we're all on best behaviour when he does. That means studiously staring at our monitors like we're very very busy. I wouldn't go get a cup of coffee or play a game of pool if he was there either, even on my break!
You see it is the whole stigma that is attached to smoking, be it the real deal or e-cigs. The post above shows how people currently think when they see someone with an e-cig and I highly suspect that many would think along the same lines. Smoking is considered to be quite antisocial in public places irrespective of what is being smoked. Many of your work colleagues would probably think the same of you as what your MD would think of you if he saw you puffing away on an e-cig at your desk. You'd be creating what is known as a 'hostile environment' where I work, and where I work an integrity concern can be raised over this. Do you want to be that person at the end of the day? There are other things that create a 'hostile environment' i.e. crude jokes, use of bad language and inappropriate posters / calenders on walls etc.
I still understand your point in it would mean you can have your hit whilst sat at your desk but when at work it isn't about you it is about work. Until the image of people smoking e-cigs changes and it's proven totally harmless to others then you're stuck with having to go without.