Styling & Templates
- Templated system
- Conditionals supported in the templates
- Ability to create multiple styles which can be applied to different forums and users
- Ability to upload / download styles and languages
- Language manager - allows you to easily translate you forums in any language
- Multiple languages supported
- Phrase manager
- User registration options
- User banning (by name & IP)
- Global ignore user aka 'Tachy goes to Coventry' - when enabled all posts by the specified user will be ignored/unseen by other members. Automatically added to the all users ignore lists
- Unlimited Moderators and SuperModerators
- Permission system, based on user, usergroup or forums
- Task Scheduler
- Control Panel, Moderator & Task logs
- Board statistics
- Maintentance - Database backups, table repair
- Post Prunning
- Moderation queues for user registration and posting
- Calendar moderation
- Import facility - import posts and members seamlessly upgrade from other bulletin board systems, including Infopop's Ultimate Bulletin Board, UBBThreads, OpenTopic, and Ikonboard
- Multiple attachments and types (types defeined by admin in CP)
- Attachment thumbnails (requires PHP to have GD enabled)
- Storage type options for attachements (database or file system)
- Attachment moderation
- Multiple calendars supported
- Paid Subscriptions (PayPal, NOCHEX, WorldPay & Authorize.net)
- Private forums
- COPPA compliant
- Server Settings and Optimisation options configurable via the adminCP
- Editable FAQ for your own boards
- Context sensitive help throughout the adminCP

If you really want to see what it's like, have a look at the Admin Demo, where you can look around in a real Admin CP and play around with all the settings!
http://www.vbulletin.com/admindemo.php