How flexible is vBullentin?

vbulletin.org is the official hacks/themes site. you should get an idea from there what you can do with it.

personally though i hate vbulletin from the user-friendliness point of view because it's cluttered like hell, especially the admin panel. and the designers of the software there don't have a clue about user intuitive design. they listen to suggestions for new features and basically add everything they can - but they put very little thought into where what should go best. With each new version it gets uglier and more complicated. But that's my disgruntled opinion.

 

I've never used vBulletin, so I can't comment on that, but I would recommend looking at IPB. It is pretty easy to customise.

 

I've never setup vBulletin before, so I don't know, but I will tell you that you're currently using vBulletin, TAB uses vBulletin, and many sites out there use it.

What does vBulletin (which costs $$) have that something like punBB doesn't?