I would like to say vBulletin is tried, true and tested. Its not 4 month old software. If your running a site just for the heck of it, I guess you might use it, since its free. The support you get here and at vb.com are above anything else out there. Sure its not free, but that's ok with me. I was willing to pay for excellent software, like many others. And its not even a question of free, or paid for me. It all boils down to the level of support you get, and the quality of the software. I've used phpBB and ikonboard. Not bashing any of them. Just not what I was looking for in a forum package.
BTW, talking of speed, vb vs. phpBB, IB, UBB, I find vb to be quite fast. Even though I run a relatively small sized forum, vb flies for me.
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