In my opinion, it all depends on what community you intend to hold. If you're holding a small and simply community, I suggest you open with phpBB for best use. Though, if you're adamant about security, then I suggest SMF.
If you want better and easier control over a large community, then use IPB. If you want professional, easy-to-use, easy-to-understand, etc... and you have a large community, then I suggest you use vBulletin.
There are tons of modifications for vBulletin to make it more personal and represent you. The new version, 3.7.0 is being, the beta, is being released soon for public use. Currently, it's only being used by vBulletin, the official vBulletin site. It has more features. Unfortunately, all the templates and modifications after 3.6.8 PL2 have to be recoded to be compatible with 3.7. Another down side to it, vBulletin takes up a lot of resources unless you alter things such as User CPs, queries to the server, etc... But, personally, I use vBulletin most often.