vb5 has an o.k. content management system. vb4's is better but not great. If you're going to go 4 I would use the blog system as the CMS and then set it as the front page. That's what I've done with NerdWonk and it, in my opinion, looks the best. There are also plugins for vB that will allow you to port content from WordPress to vB and back so if we wanted to just throw up a WP site in the short term to get something going it wouldn't be hard to port the content over to vB when the time came.
In fact, I've got hosting service on Dreamhost that would be fine for this if we wanted to run a sort of beta version of WP in the short run just to have something put together to show. @
Punk to thread since he has the most stuff in the current iteration of the magazine.