Which are better for investors - ETNs or currency ETFs? This depends on two factors: taxes, and what's in the ETF/ETN.
Here's an awesome article from seekingalpha.
Also check this out from the awesome Edgar archives relating to a Series A MTN issued by Barclays for the "Intelligent Carry Index" (TM).
Also see the macro trader website.
New asset class? Here's another one of those "ETNs". What gives though? How is it hedged and what is hedging cost? There are many answers to this question (but perhaps only one correct one). 1 year ago Bradley Kay was analysing the possible hedging strategies. Also, what is the difference between this and inverse ETFs.
Thirdmost, this new dawn of vol-etf-dependent-on-futures-ala-UNG/USO, leads to insane tracking errors.
This stuff is like group theory (exercise:why?)
Take a look at best and worst ETFs for tracking volatility.
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