It does have everything from this modification except the premade profile styles...
vBulletin 3.7 has the bolded:
- Default avatars for people with no avatar defined (can be turned on or off, as desired)
- Ability to set profiles as private (with admincp backup switch)
- Ability to restrict posting of comments to friends only (with admincp backup switch)
- Myspace-Style "Friend Requests" (see screenshots) with ability to accept / decline
- Friendster-Style profile field highlights - keywords become clickable links that can be used for search purposes
- Comment Flood Control
- Comment Numbers w/ Links to Individual Comments
- New Comment E-Mail Notification
- Friend Request E-Mail Notification
- Friend Request Response E-Mail Notification
- E-Mail Notifications can be turned On and Off
- Navbar "New Comments" and "New Friend Requests" Indicators
- Pagination support in friend space and comments
- Morphed, more compact memberinfo layout and postbit template, with avatar support
- Member Profile Ratings, Also Displayed in Posts.
- Member Profile Ratings can be enabled or disabled for each user individually.
- Who Rated Member w/ Access Permissions
- Who Viewed Member w/ Access Permissions
- Last Profile Update in memberinfo
- Graphical Zodiac Sign in memberinfo and in postbit
- Support for custom profile css with preview option and with an admin ability to create pre-defined css templates - and unlike in other systems, malicious javascript cannot be injected.
- Custom css can be temporarily suppressed when viewing customized profiles.
- Custom css can be permanently deleted from customized profiles by privileged users.
Italic formatted options I am not sure about.