I can't decide... Both of them are great, but both are for different types of people. For example, I'd say that vBulletin 4 looks way more "cleaner", and all you have to do is to create forum categories, change logo, and invite users. Everything else looks professional and great, it can be easily optimized. Pretty much it has everything that some average vBulletin Forum Administrator needs.
But, vBulletin 3 is a different story, you can make anything out of it easily, it's made for customization.
So yeah, I'd say that vBulletin 4 is better than vBulletin 3 for those who aren't much familiar with coding and design.
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