I think the vasoline on the cotton does more than just extend burn time:
1) I've taken WET (not damp.. WET) vasoline-cotton balls, shaken them off, and they started with a spark. Sure... we're supposed to keep our emergency tinder waterproof. But I screwed up, stepped in a hole in a stream, and submerged myself and everything I had with me.
2) vasoline on the cotton ball provides you also with....(er..) Vasoline! Windburn, chapped lips, etc.