I talked to one of the admins of one of the large sites that switched to vBulletin. They said they had two reasons: (1) uncurable data problems/errors/loss in ubbthreads, which I find very strange since neither I nor other ubb admin's I've talked to have experiened this..., and (2) supposedly superior moderator functions which upon my review so far is probably valid.
I'm going through the admin control panels of both packages building a feature by feature comparison. Both have some things the other does not. I'm inclined to post the comparison when I'm done in a day or two, and I'm sure people from both camps will have some corrections...