On any vbulletin forum that I start/buy I install vbseo as soon as possible. I've had so much success with using this plugin that I wouldn't run a forum without it.
There are still some things you can do yourself to improve SEO on top of vbseo such as template changes, adding h1 tags etc.
Not a big fan of it at all , costs more than a Vbulletin board itself , best do your own SEO , and keep autonomy, there is heaps that can be done with a board , even simple things these guys may not have thought of yet !
vBulletin SEO
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