If features in phpBB out-of-the-box is what you're looking for, check out this modded version:
http://integramod.com
But IPB is anyday better than phpBB - lots of mods exist for it, there's a community supporting it, search is good, adminCP is well made, etc. Consider the interface as well, which is lighter for users and more functional.
Show me a "print thread" feature out-of-the-box on phpBB (this feature is ESSENTIAL for tech boards where you have 800 posts in a thread and all are good - don't tell me you are bill gates and can read it online free! print it to html page and read offline!).
IPB is usable with images turned off, by default. phpBB's normal skin wants tweaking to allow for that. Also, the reply to topic screen in phpBB is not well-organized and is crappy. Invision loads your server less than phpBB would.
I don't know why I feel like vomiting, the moment I come across a phpBB-based board!
