It is actually the lack of features that makes PunBB so good. If you prefer fast, this is a good choice. It is also ideal for non programmers, because the code base is so small that even a beginner can find things. This means flexibility which you might not find elsewhere. People who are less interested in communication and want lots of features instead, particularly if they like a slow response, should not chose this.
I absolutely agree with you!
FSR Admin - Vote for 2012.
Summary: PunBB is a very good, polished software which do only his job - ability for administrator to create a place where other people can communicate with themselves. It's featureless, but can be very simply extended by extensions installed with one-click. Unfortunately the company which has bought PunBB a couple of years ago neglected this soft. You can't get support on official website... it's horrible. Also updates... the latest (at the time of posting) was released more than a year ago.
But this does not change the fact that PunBB is still a very good software. If your site works without problems, you will be probably glad.
Sorry for my English. 3,5 (here: 4)/5