Update: The transfer project is nearing completion. I'm still waiting for vBulletin 3.7 to go Gold, but everything else is looking good. This weekend, I moved a lot of content from WordPress to my vBulletin blog.
http://photics.com/blogs/photics/
Hopefully that will show you how easy it is to have your own blog.
Also, the new theme is almost complete. I've modified the new theme based on preliminary feedback. The left column is now 40 pixels slimmer. I also have the ability to add custom themes for specific sections.
I'm not sure if it's worth the extra effort to maintain additional themes, but I have a WoW style that's sitting on my desktop. It could easily be modified to give the Guild Wars section of this website a unique look.
OK, I'm going back to work. The project is wrapping up nicely.