I think great content and great staff are the two most important aspects.
One of my forums is on it's way to becoming "big". We have been open for almost 6 months and have not advertised in the traditional sense of the word. My best success has been user's advertising in their sigs on other large forums and if you look at the attached, we had an incentive based referral contest in November 05. Those numbers would be bigger but I delete accounts that are not confirmed via the email within 7 days to weed out the crap. At this point the "User Activity" stats are very close to 4,000 different registered users logging in daily.
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