During the MySQL conference, a lot of work was done on a total rewrite of the BBcode module. This has resulted in a new version of the module that in my opinion truly deserves its "version 2" tag. If you want to test out this new module, then download the package from this thread. Remember that this is a newly born and that some parts of the code were typed in after a few Guinness, so I can't promise you that it is a good idea to drop this on a production environment yet. But if you're willing to take a gamble here, I promise that I'll be at your service for quick bug fixes from the 3rd of May on (then I'll be back from my U.S. vacation).

For upgrading, first remove (or move) the existing mods/bbcode directory. Then unpack and install the new one in the mods/bbcode directory. Go to the admin interface to make Phorum update the module info (actually not really needed I think, but it's a good idea to do so anyway). Check out the module's settings screen for a few new items in there. That should be about it. Let me know if you run into upgrading problems, so I can take care of them in my code.