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If we were to get a VPS, what would the point of getting Lite Speed be? What is it exactly? How would it be ideal for me running a medium sized forum?

It's an alternative web server to Apache that supports all the features users typically use in Apache. It can be significantly faster than Apache and handle much more traffic with the same resources. People typically use it for high traffic web sites where they'd rather not spend more money on a more powerful server. You can read more information about it at http://www.litespeedtech.com/

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