Some others don't see it so clearly, that's the problem
I think the portal and the BB should just plug into each other - they should both run either independently or together, sharing various modules in a code library. Neither one should be a module of the other, they should both share coding with each other, and allow even more modules to be plugged in - say we started a phpFS (file system) project to allow the sharing of files - BB and FS could share an uploading module, PP and FS could share a file listing module, etc, etc... always think big, cuz these projects can grow much larger than you ever expect at first. I think phpBB would be the perfect example of just that, Finn has said that he never really expected the board to grow big enough to compete with the commercial products, which it easily does at this stage
Therefore, phpPP 1.0 and phpBB 2.2 should have simultaneous releases for this very reason - so that the central code library can be developed with everybody working together.
My two cents!