Dabbing has been around for hundreds of years. What's new is how we extract the oil. Most modern oil uses butane to extract, and hence can damage the lungs.
I smoked oil 40 years ago, and yes, it is a much stronger high than "bud". I would assume, given that today's marijuana is much stronger than what I smoked in the 70s, that the oil is also much stronger. Probably psychedelic in effect.