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phpBB is excellent software with a huge user community that I'm certain puts far more development into it than any modestly priced commercial product is going to see. Not only is it easy to get just about any plug-in or mod you are likely to want, but other scripts are likely to ensure compatibility with phpBB before they get around to worrying about other board software.
It's a myth that phpBB is any more vulnerable than vBulletin. It's easy enough to confirm in Google that only a few serious vulnerabilities have been reported for either script and that the numbers are very similar. I guess the reason for the distorted perception is that so many more people use phpBB that it is both a popular target for hackers and depending on the form their attacks take, many sites can be affected.
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