Two new configurable sort orders for threads would be very useful:
1) First post
With this option, threads which get replied to won't move to the top. The date of the parent would determine the order of display. This will make it harder to locate new messages, but will discourage "thread inflation", where popular topics stay at the top of the board, and accumulate more and more messages.
2) Chronological (message driven)
This would be a good complement to the above... shows new messages on top, regardless of thread, to allow users to quickly find new messages.
[ADMIN NOTE: THIS FEATURED HAS BEEN ADDED]