It sounds like a nice update. PunBB is the only forum software I use (unless I need the extra 2MB) because it is simple. I install the mods and such to get polls and the PM, but really it is better without them. Plus PunBB has the best markup I've seen.
I know this isn't for request, but I think that PunBB should be served as application/xhtml+xml, because it would be the first. I have a script for this, which also in the event that the page doesn't validate, it will default back to text/html. I'd be happy to donate it, as I'd like to see PunBB be the first forum with real XHTML.