Well, as you know v1 development is bug fixing only and v2 is cancelled (see all the previous announcements/topics). I'm sorry for the less people still hoping that v1 is getting real updates, it won't. (But anyone can fork the code and make any.)
So, where is the project heading from here? I currently can't start development for a new major version, so currently I opt for a combination of "migrating away" and "developing for a different project". I tend to choose Drupal to create or extend a forum distribution with existing/new modules to approach UseBB 1 and give room for future extensions. A convertor would able to migrate away from the v1 code, at which point I can put v1 EOL.
UseBB.net would turn into a portal for that Drupal distribution, eventually with support forum and what else...
Other options exist, e.g. figure something out using Symfony, but I suspect it takes more time. I could also just write a convertor to phpBB or something else, but that would mean the real end of the project.