I use it on an IPB board too. It's def one of the better portals I've used (and I've used many) It has a bunch of pretty cool modules, but for my vBulletin, I'm still going to use what I have now.
I think the biggest downside for most users will be the skinning side. It's a little difficult compared to the templating of vBulletin.. I have no problem with it though, so experienced skinners should be okay as far as that goes.
But I would recommend it, it's very fast, very little queries, a wysiwyg editor for custom pages, etc. I won't get into it that much, there's a features list over on their website.
EDIT: It looks like they have released m04 (the vBulletin working version)
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