Stability and performance wise, the latest vBulletin 5 version is much better than the first version of vBulletin 5. The recent security issue in vBulletin 5 was pretty bad though. Probably one of the worst things that can happen to forum software.
When it comes to upgrading from vBulletin 4 to vBulletin 5, ask yourself why you should upgrade? What is wrong with the current installed version? If you have a lot of visitors, people will complain about the visual changes since they will not be used to the new look.
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