vBSEO 3.3

I installed it yesterday but it's different. Instead of name.com/forums/f1 it does the name instead? name.com/forums/nameofforums

Is this an option? Would it be better enabled? Or did I miss something?

You installed it for the first time yesterday or upgraded? I ask because of your join date. Also are you comparing it to here?

Well I purchased vBSEO for the first time yesterday when the promo codes were out, I'm comparing this to other vBSEO supported sites. This one and another forum I found - ahealthforum.com

Yes, you can change your URL preset in your vBSEO Control Panel (vbseocp.php).

Is it better if you do?

The important part is achieving link consensus, one URL per resource.
Pin the Tail on the SEO Donkey (with Link Consensus)!

You can choose the one that is most suitable for you and still gain the long tail SEO effects.
What is the Search Long Tail? - vBulletin SEO Forums

I recommend you select one preset (any, but I prefer the hierarchic ones) and stick to it. That is the key.