IPB perhaps is a competitor - but vBulletin remains the Leader. And for a reason - It's the premium online interactive forum software. 3.8.3 has a solid array of features which supercedes any IPB release IMO - I've actually heard from people who Admin IPB forums that the IPB Community was not very happy with the 3.0 release. I've heard it's a beast to customize and overall - a clunky piece of software - I've actually used it on several forums I belong to - I would choose vBulletin any and everyday of the week.
Now - all that said is without any 1st-hand knowledge about the IPB feature set or having actually run or tested IPB 3.0 on my own server... But I have used as an end-user and vBulletin 3.8.3 is much more impressive in my opinion, with a more impressive modification community like the .org -- I think 4.0 will add another array of features/integrations that will continue keeping vBulletin the Leader in online interactive applications = Woohoo
Jacquii.