Has anyone ever been to the board in question? Is the software looking ok, and is the community active?
The Vault community is very active, but the site is mainly used for posting news and that is why we can offer it to you and still allow you to be autonomous. If there is any issue with software, Porter will undoubtedly be able to fix it and Ausir works for Curse, so he'd be able to if Porter can't. However, I must admit that I have seen people on the news site that I have never seen on the Vault, so people who are drawn to fora like yourselves. If anyone does have issues with the site layout, background or general design it can be changed. And don't pay too much attention to what is there now, we're going to overhaul it completely for you 
Being a CS major and all, I'm curious regarding some details on what it is you are offering in technical terms.
Are you offering to basically host our site (FTP and MySQL access), and we host our own forum software (e.g. SMF)
Are you offering us a sub-site on your Content Management System (if so, which system are you using) and a sub-forum on your community forums (if so, which forum software are you running, and where is your forum)
Or is it somewhere inbetween?
I'm thrown a bit off by your statement of "anyone does have issues with the site layout, background or general design it can be changed" - here, we are talking about the Unwashed Village subsite, right?
Also, any limitations in regards to advertisements? (Will our forums have a single banner ad, several banner ads, popups etc)?
Not to look a gift horse in the mouth or anything, I'm just trying to comprehend exactly how we will be hosted should we accept.