Here are some more "facts" to help figure it out:
New Hampshire's Gasoline Vapor Recovery Program - Protecting the Air We Breathe
"eleven pounds of VOCs may be released for every 1,000 gallons of gasoline during fuel transfers. "
Assuming 6.5 lbs/gallon for gasoline, the volume of the vapor represents about 11/6500 of an equivalent volume of liquid gasoline. Or another way to look at it is the vapor density is 0.17% of the liquid density.
It shouldn't matter vapor wise if you put in 5 gallons in two fillups, or 10 gallons in one fillup, you are putting 0.17%
VOC back into the pump (or into the air) in the form of vapor. The obvious difference between the two is the amount of weight you carry around.