Notice all the reviews here are by people with 1 review and the same names as their staff?
vBulletin is a hell hole. I really dont need to say any more. If you are stupid enough to buy a license from them then more fool you.
All I will say is look into their custom reviews (the real ones, not the fake ones on here). You'll quickly see why large customers such as [external references] are/have moved away from vBulletin.
The product is seemingly no longer released when its stable, its released on a fixed date. So if its not finished, its still released.
vB 5.0.0 was released earlier this week. It's been a 100% failure. Even the most basic of features are gone, and its riddled with bugs. Their solution? Buy it now for a "massive" $25 discount and then in the future they may fix the problems.
The marketing spin speaks of vB5.0.0 being the best forum software around, despite basic features such as infractions, proper moderation, proper mobile support and such being absent.
When the developers miss something as obvious as a poll managing to work out that 10+10 = 21 then you know that there is something not quite right with the way the software is being managed.
Oh and then there's the lawsuit. Internet Brands (owners of vBulletin) tried sueing [external reference], a competitor started by former employees. Have a quick look into this and you'll see that so far everything they have claimed against [external reference] and its developers has been complete fud.
Bottom of the line, the company is scum. They locked down the licensed customer feedback so you cant see all the complaints. The forum is full of them.
Use [external reference] - both are made by way better development teams and dont fob you off with lies.