Any links already used in posts or otherwise hard coded into templates, if you customized any, will be broken. If anyone ever linked to one of your posts/threads from another site it will be broken. If google indexed your site all their links will be broken until you get re-indexed. Although it's easy enough to do the repercussions can be severe.
Can I ask why you want to do this? If you want to put a custom page at your web root you can just change the name of "index.php" to "forum.php" and make the change in vbulletin options to update that... then you can make a custom index.php file people will see if they go to yourdomain.com.
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