Installed, knowing the ads were there from the posts here. Deleted in less than 2 minutes.
In that two minutes:
The "Welcome mreed911..." banner at the top is HUGE (especially in comparison to the "you have 1 new notification..." banner, and doesn't really need to be there.
If you click it, you go to your profile. But, once there, there's NO indication of how to get BACK. I tried swiping left to right to go back a page, which should be the standard UI swipe for this action, and nothing. Only clicking on the box at the top that said "My Profile," which looks like a title box, was I presented with options to get somewhere else. VERY unintuitive.
FWIW, it SHOWS that this isn't a FlyerTalk App, but a VBulletin App. It also shows how re-skinning vBulletin skins for the iPhone is a tough proposition. In that regard, I'd suggest you seriously incorporate that into your development estimates, as you're going to need SIGNIFICANT rework for each site. Then, focus on each app... make FT work well then use it as a demo for all the others to show them how a well tuned UI works.
As-is, the mobile site is MUCH more usable.
Oh, BTW, if you want REALLY unobtrusive ads that FT'ers are more likely to interact with, use iAd. MUCH better platform than AdMob.