Since just about everyone is asking for updates on the current vBulletin 4.0.x styles development status, I decided to go against my policy and let you know that by mid/late next week Element will be released for vBulletin 4.03.
I know that it has taken me some time to get here, but I can tell you that you won't be disappointed.
I spent countless hours customising vBulletin 4 to make it look more vB Styles
I was originally going to simply use css and hardly any template edit till vBulletin 4.04 due to a rework on the stylevars manger, but I was simply not happy with the result, so I ended up customising templates and finally I'm happy with the result.
Will post more info as I get ready to release it NEXT WEEK