I think comment threading is HUGE because it makes conversations much easier to follow-- a lot of forums will have a page of "Yeah, me too!" or "[insert inside joke]" followed by every members sig line and at this point I just don't want to scroll by all the junk (thank you, LJ, for not encouraging sig lines). I still like email lists, but unthreaded forums really frustrate me these days (even a lot of the threaded ones are hard to navigate).
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So anyway, what you said.