If they are free from vb.org, any problem you have vb.com will tell you we do not support modified boards. If they are paid modifications, you can be easily left out in the cold.
Worse, with every vbulletin's new version upgrade can be a nightmare if you have a number of modifications. And many can be incompatible in part or in whole.
Although I agree for MediaWiki integration, IPB has a plus here. NuHit seems to have gone down the hill, and IPBwiki looks pretty nice.
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