Security patches are a fact of life for a product as complicated as vBulletin, you shouldn't be scared away because there have been 2 patches for VB 4.2.0.
In fact just the opposite is true- and in BOTH cases the patches were released before ANY forums were exploited by them. In either case they were in fact very minor patches for things that barely reached the level of needing a security patch. Some companies may have elected to not even put out a security patch and simply fixed them as bugs in the next version.
I am VB 3.x's biggest fan but 3.8.6 had an exploit that released your database username and password, about 100 times worse then anything in 4.x over the last 2 years. (Of course it was patched quickly as well, but it did make it into the wild.)
Staying away from 4.0.0 - 4.0.4 was probably a good idea because of the number of BUGS... But honestly since 4.0.8 in the forum only product I haven't seen a major bug that prevent the normal use of the software... Even in the CMS it's fairly stable- some people just hate it but all the big fixes in the world will never fix it- it is what it is.
I don't know what VB5 will bring but I do NOT feel recent releases are anything but a good sign VB is moving in the right direction.
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