It was totally inflexible in the way it was made. The last version came out well before Jelsoft released Project Tools or the Blog so it was made to be able to do what was already known and nothing more.
It was rewritten so that the core functionality could be expanded into new areas without the original modification having to be updated. In theory, Jelsoft could bring out a CMS tomorrow and it would just be another little module to go with it. In theory.
There are other advantages, but that was the main reason. Necessity really, with vBulletin's new direction.
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