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It's definitely worth it to pay for a good board like vBulletin, especially if you're going to have people that are doing moderation for you, and you want to keep tabs on what they're moderating.
Free forums like Yabb/phpBB/SimpleMachines etc are decent forum softwares, but the administrative and moderation abilities are minimal.
I ran a forum, where one of the mods got a god complex, and was deleting posts and banning people that he didn't like willy-nilly. I had no idea it was going on because I wasn't a regular on the board, and when people complained to me about it, it was hard for me to find evidence because the software didn't have a moderation log or anything like that.
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