[Christos Teriakis]

I'm reading it 00:30am so maybe I'm not reading well but I believe that you have the condition just the opposite:

<vb:if condition="!$bbuserinfo[userid]">
 ............Hello Guest!........... 
<vb:else /> 
{vb:raw code}
 </vb:if>

Also sometimes try different syntax with the same result. eg
Instead of:

$bbuserinfo[userid]

Try

$vbulletin->userinfo['userid']

And finally, is good to close all tags.... You have the <font color="black"> unclosed.

Edited: In my opinion is better to use:

<vb:if condition="$bbuserinfo[userid] > 0">

instead of:

<vb:if condition="!$bbuserinfo[userid]">

because (if I remember well such hour), even the guest are getting userid=0

Chris