It'll be on SMF most likely.
TheDude offered to help pay for a vBulletin license (apparently he'll be coming into several hundred dollars pretty soon) but as Maxi mentioned on NC, vBulletin is a good forum software but its not really worth the price you pay. No point wasting money. I compared SMF, vBulletin, Invision, and phpBB and the only feature I found that vB had that SMF didn't that I thought would be nice was threaded conversations (basically allows you to reply directly to a specific post, rather than just the topic itself). But that's not worth upwards of $100 to me.
Like I've said, it will probably be a month before the forum is completely up and running. I don't want my WI trip to interfere with things & I don't really want to throw down the money for hosting right now while I'm not working (its not expensive but I'd rather save my money as best as I can right now).
I suppose if we wanted, we could start working on the blog aspect right now, seeing as how that can be hosted on tumblr for the time being (or forever, if we wanted). But to me it makes a little more sense to focus on one thing at a time. If people really want to start adding content though, I wouldn't object.