It looks different, but I was having trouble picking out what was different. They have a number of different styles to choose from (dark looks pretty good), but the delineation between posts and sub-forums is a bit too subtle for me.
As far as I can tell, the biggest UI change vbulletin made was moving the poster information to the left of the post, rather than having it on top. That's probably a good decision for computer browsing since screens have gone to a wider aspect ratio. That's not ideal for screens that are taller than they are wide (like phones), but there are solutions for that, I think, like tapatalk. And I don't see how you can open a thread on the last page, but maybe I'm just not seeing how to do it.
Oh, and the board size is more "fixed" horizontally. With Bisonville, if you maximize the browser window, everything stretches horizontally. On the new vbulletin boards, the width barely changes, and the board just centers itself with a lot of unused space on each side.
Anyway, the upgrades I'm most interested in are security-based. They're not going to update their old versions with stuff like that. I'll play around with styles and see how closely I can match the existing look, but it won't be exact.