It says "You may not edit articles" because you haven't set the VaultWiki permission "Can edit wiki articles?" to Yes. I just checked this on my install and it updates correctly.
I'm not sure what you mean by "it is only attacking width the gray box". If you can't use the Insert Image editor button, it's probably because you're editing in non-WYSIWYG mode. In vBulletin 4.1.4, it's no longer possible to use the button to insert IMG tags, you have to be in WYSIWYG mode for it to work. Otherwise it is working fine on my site.
The Lite version is from an old branch of VaultWiki that they let me post here with certain things taken out and I only update it myself when I have the time. It isn't officially supported by them and I don't keep track of the bug fixes to the main product, only what people report here. The paid version definitely has less bugs because of this.
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