I see plenty of spam posts, which can reduce your rank in google (and hence threaten traffic) - this could be avoided (both the posts and the risk) if you implement the NOFOLLOW attribute on forum links, perhaps only signatures and newly-generated accounts, I'm not sure what options/modules PHPbb has.
In any event thought it useful to advise you, as far as Google is concerned letting the links go live even briefly can harm your site's reputation in their eyes if the links aren't NOFOLLOW. Many many "user generated content" sites, even highly regarded ones, have suffered through this. Having links which pass PageRank makes your site a target for spammers.
I can provide further info/links if you want, but this is my area of expertise and I like the site so couldn't not say anything
