Punki, Randy has commented on this issue in the past. While he appreciates the sentiment expressed, the version of UBB that is currently implemented at Flyertalk is the most appropriate version for a bullentin board with such high volumes.
This version of UBB is the last that supports static web-pages. The dynamically-created web-pages in the newer versions of UBB would add considerably to server-load and would most likely cause FT to fall over on a regular basis.
I'm not aware of the full details of the attempted hacking attempt on FT, but I do support prosecution (in the legal sense, not the 'time-out' sense, of the word) for the alleged hackers. Others may have different views.