I preffer the way phpBB feels over IPB, but I really don't know anything about practical issues like support and proccessor time consumption. phpBB administration is okay, but I will note that changing the style is unneccessarily complicated.
You should download a copy of IPB and just install it somewhere. Play around with it a bit and check out some of the features. Skinning is pretty easy, and the warning system could actually be pretty useful here.
Well, I went to the vBulletin site and was playing around with the paypal buttons and see if I can get something free . I had like 5 bucks on my paypal and I thought it would say "You don't have enough money, poor ass" or something like that, but it acctually transfered money from my dads bank account . Boy, is he gonna be pissed. 160 bucks too .
Technically, InvisionBoard executes fewer queries which makes its performance slightly better than phpBB, not to mention that phpBB comes with quite a few bugs and some security issues (at least the last time I checked). On the other hand, phpBB has been around for quite some time longer than Invision, so naturally, this leads to more community experience with the board if anything goes wrong, and possibly some more hacks and additions.
"Stephen Wolfram is the creator of Mathematica and is widely regarded as the most important innovator in scientific and technical computing today." - Stephen Wolfram