Don't get me wrong, I have no doubt UBBT is the better program, and I will go for UBBT.
But I have to consider the user-friendlyness as many of my expected members will be new to real-time forums.
Imagine yourself as Newbie 1.0, entering a forum site for the first time. The UBB interface "guides" them quite easily through the subject hierachy, and then warms them when they see some of these animated features. They think " wow! How can I use these!" And it is easy for them.
On the other hand, UBBT, in its current state, has an interface that that is packed with features, but the basic once lack the obvious emphasis. And if a newbie starts entering in the text field, how does he or she place a graemlin/smilie without knowing the code or looking for reference?
The good thing about UBB is it has menus, and a big button saying Post now. And it doesn' scare newbies away.
I will go for UBBT, because I am sure these features will arrive one day.

"It takes two to lie..
One to lie, one to listen."
-The great Homer J. Simpson