Hmm, Drupal looks pretty spiffy and some of the sample sites look really polished and not cookie cutter - thats one of my fears with vbulletin. It looks to have strong features but all sites have a similar look and feel.
Key reqs for me are:
user mgmt - variety of admin types and user types forum postings incl photos (with approvals in certain cases) polling favourites blogs integration with fb and twitter new posting notifications via email (for your favourites) easy template mgmt - joe basic users can only post comments on posts via template, trusted reviewers can so wild mass import of forum posts - e.g. upload listing of DVD covers say (wtih photos) for comment flagging certain postings as 'super hot' and making these prominent suitable support iphone app integration (later) Calendar integration - I post my DCD cover and say you can come and see it 2pm Saturday Reporting - who look at what DVD cover