As part of vBulletin 4.1, it will incorporate a new editor.
This is part of vBulletin's refactoring process, the editor will be common across the CMS, Blog and Forum.
It will enable "paste from word" to fix the formatting issues that occur in many WYSIWYG editors.
It will also work as a WYSIWYG in webkit browsers (Chrome and Safari for example)
It incorporates a new look and feel as well

And quick reply: