vBulletin 5 is a great standard forum! If you don't want to customize it heavily then it will work just fine for your discussion needs

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Just keep in mind that:
- You can't heavily modify vBulletin 5 (if on the Cloud then barely at all other than style) yet can customize your style and do some rather basic yet nice things with it.
- If you want to heavily style and modify a site to well... do your "bidding" then you should go with vBulletin 3 or 4, the latter being very solid for a while now with extensive styles and modifications available here on the ORG and many third-party scripts available elsewhere.
- Yes! You can run vBulletin 3 or 4 under your vBulletin 5 license. The only license available for purchase currently is a 5, vBulletin allows you to run either of the previous versions under that license just not all at once respectively.