Waaaay more features than phpBB. If you hack your phpBB board until the cows come home you might be able to get the functionality level of vB 2.2. But hacking is tough, as you put more and more on. Eventually the automatic mod installer won't work anymore because of all the other mods, and then you have to do it by hand. With big ones like the Subforum mod, that can be a royal pain.
In my opinion, the closest free competitor to vB would be Invision Power Board. PhpBB 2.2 may be able to compete, but it's probably months down the road still. The devs won't announce a release date.
Not to say that phpBB isn't any good. We used it for Vinda-Co for several months, until Seth let the hosting slide.
If you want a free ezBoard killer, phpBB does the job just fine. It's simple to setup, the templates aren't that hard to edit, it's pretty simple to administrate, etc.
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