Sure, it's the default at investorvillage.com.
E.g.
http://www.investorvillage.com/smbd....b=8&category=A
If you look at it now as of this writing, you'll see on top messages 144 and 145 which are responses to the new thread from message 133. If you click the button at the top of the messageboard tab that says "Show Topics Only", it'll only show the top level post for each thread, more like the default vbulletin forumdisplay.
Similarly, here's an example from yahoo boards:
http://messages.yahoo.com/Business_%...4134-dreamjobs
By default, yahoo only lists topics on the forum display page, but at the top, you can click to go to the option that says "List as Individual Messages" and then it'll behave like I described.
Thanks,
-Evan