There's plenty of old threads on vbulletin.com and I'm sure some here even that touch base on this same subject.
Leased = When it expired you quit using or pay for vB4.
Owned = You can run indefinetely, option to purchase 3 month maintenance pack is available.
Not sure what else your looking for but there have been many changes to the license agreement and how pricing goes so best bet is for you to do some "homework" so you can make a more well informed decision before jumping to 4.x etc.
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