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Peter refuses to upgrade beyond the current version of vBulletin because (a) he doesn't like vBulletin 4.0 and (b) he's convinced himself that he can single-handedly develop fully-fledged forum software that will be completely backwards compatible with the existing forum data.
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Even if he hates 4.0 (which works just fine since I've been using it for over year), there are newer versions for the 3.x series as well. Updated as far as 3.8.7 I believe.