Ah, no easy choice as usual
Well, I guess SMF 2.0 is around the corner with some new features, we'll see...one thing I always hated about Vbulletin is that good THEMES were always hard to come by, all the decent ones you had to buy, none free in contrast with phpBB and SMF which have tons of decent looking themes/styles. But if you remember I had quite a few "HACKS" on the old Vbulletin, some of them like the bookmarks etc...it was always easier to to find and add cool hacks on Vbulletin and it always had the most features out of the box also, including a pretty nice intuitive admin interface. The main thing I like about phpBB versus SMF is that SMF in my opinion is likely to go 'paid subcription' or something in the way of Invision Board/IPB ...they let you use it for free but its not open source GPL so if they start 'charging' no one can pick up the LAST FREE VERSION and start another 'free branch' of it. Not that there's anything wrong about charging, but you should do it from the start like Vbulletin, not pretend you're free and ride the open source GPL momentum to your advantage and then stop abruptly.