I am looking forward to try this hack out, but will give it some more time to evolve first.
I have just finished integrating PhotoPost with vB3 RC3 that share same db. With some minor adjustments left to do, I have to say that PhotoPost and vBulletin are now a deadly combination and future looks bright for both.
Check them out @:
http://www.surfnewquay.co.uk/forum/