Hello,
I am one of the engineers who has spent a lot of time since LoL beta launched bending the forum system to our will so hopefully I can give you guys a bit of insight into this from the technical side (which isn't the only side obviously).
We run vBulletin at a scale that it was not designed for and that very few, if any, other companies do. Because of these relatively un-charted waters, we have had to re-write or significantly change vBulletin in order to meet our needs, and these changes have resulted in breaking some of the features that are listed here in ways that would require a lot of effort to fix correctly.
For example, we had to change the type of database engine to account for the number of posts being made at peak times. This change broke the full text search functionality of the database (which relies on the less performant engine) that the default search feature is based on. To then re-enable search quickly, we had to implement an alternative search engine which works very differently from vBulletin's default search, making all of the things that rely on the default search unusable without major changes.
This example coupled with many other of these types of issues have added up to a point where while it "works", there are many very large changes that would need to occur in order for us to make it function with all of the features that we (as a community) want at the scale that LoL demands.
Krylhos, Montag, PD, and the other champions of this effort have been keeping flexibility AND scale top of mind since the start of this project, so the foundations here are very solid not only for the current player base, but for the future as well. I personally am very excited to see this go into beta because I know that these foundations represent just the humble beginnings of what, with this community's passionate help and collaboration, will be an epic destination on the web.