I've been using nginx on my forum for a few years now, and I definitely noticed a performance boost. Page load time wise and server load wise. The default URL rewrite rules of vBulletin might not work, you have to change the vBulletin settings for this or find a complete set of nginx rewrite rules for vBulletin.
I'd rather not post my forum link in public, if you want the URL then just shoot me a PM.
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