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@motter
It's great that there is someone else trying to do things in the same space. Don't forget that Vanilla are a relatively new outfit too (at least compared to vbulletin and phpbb) and are techstars alumni (one of the incubators we applied to).
I think it'll help confirm some of the problems we've encountered with the current software, and show that there is sufficient demand for change.
That said, I think the goals (and hence what we're trying to build) are quite different. I don't think we'll have any trouble differentiating ourselves.