I'm going to stick with the general consensus. I own no Threads or vB liscense, but have been active on several boards powered by both softwares.
I'd say the one thing vB has going for it is a slow release cycle. It was roughly a year ago that Threads 6.2 came out. vBulletin has had maybe two or three "minor bugfix revisions" since then, and several 3.0 betas. It is overstuffed with features, and often pokey.
The style is ugly, but IMO the default Threads style isn't much better. vB's entire interface (in 2.x, and not really improved in the last 3.0 beta I looked at) seems awkward, almost as if it were designed by someone like me. Threads makes more sense, although I'm not a big fan of threaded discussion.
</objective rant>
Oh, and BTW, according to the "page generation" times in the footer, taken on my localhost server with the trial of Threads and phpBB 2.0, phpBB is faster.
