I don't think I'd advise slowing down your upgrade that much. Given the stability of 4.0.8, I'd say upgrade. The upgrade isn't trivial however. Backup and duplicate your database, and test the upgrade on a new directory to see how it goes.
I caught quite a bit of flack from my users for upgrading the site. I upgraded too early in the 4.x release and should have waited. However, like I said, I have avoided many issues by slowing down the update timeline (unlike 3.8.x update timelines which was driven mostly be exploits). I have not yet enabled CMS and Blog due to some of the bugs that existed in previous versions but will likely do so soon.
A good CSS refresh will freshen up your site just as much as the vBulletin upgrade, so I disagree re: the competitive advantage. Content is what drives site popularity.
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