Texas & Snowbot - The script uses vBulletin's default navbar, so if you wanted to add a link to the forums there it would need to be added to your navbar template. If you only wanted the link to be displayed on your homepage you could add an if condition like this around the code for the link.
<if condition="$index_header">
(Kind of a cheap way to do it, but it works

)
Blackbeard - You have to change the image paths to
/forums/images
Dan - As Jeff said, you have to create a news forum and make a post in there before the newsbits will work.
Jeff - If you're talking about the default icon that is displayed if no icon is selected, that's listed in your main vBulletin options => Thread Display Options => Show Default Post Icon. Did you change the path at all during that part of the install? The script *should* be able to determine the correct path and update that for you in most cases, so I just wanted to make sure there wasn't a problem with that part.
Symbian - Currently it will display the thumbnail of an image if you have image resizing turned on. Otherwise it displays a link to the file/image. If you wanted to change that you would need to modify the file and remove all of the code for the attachments except for the part that actually displays the images. If that was done though, you wouldn't be able to attach files other than image files in your news posts.