The forum software was created by Stardock, so I assume while it might not have as many user-visible features, it meets their needs better than some other popular software out there. Or it would be too expensive to convert.
FYI- if you are logged in and view a thread, the software does mark it as read for you, so that if you view that specific forum again the icon on the left doesn't appear as "new" (which is designated by a much more bold blue icon instead of a faded blue one).
Personally, I miss the feature to watch threads, be notified if there is a response to your post/reply, and then some sorting features like you mentioned previously.