@pleonasm - I won't defend what smoking does to your health, but I do think the spirit of the peace pipe exists in some ways when people are smoking.
The thing I love about smoking is that it can be such a communal activity. Whenever I go somewhere new, it gives you a chance to talk to people you might not otherwise talk to. It gives you something to do with your hands and something to spark up a conversation.
I know the Indian peace pipe is a tradition with a lot of spiritual significance and I'm not trying to say it's the same thing. But I've met some great people through smoking.
If there was something else which could provide the same opportunity I'd take that up instead.