1. Should I be worried about the rapidly growing db? Is this a real issue for phpbb forums?
The size of a database isn't really going to affect speed that much unless it is huge. In terms of site slowdowns and excess resouce usage, I'd be more concerned about the number of people accessing a site at once and how they are using the site. The database design for phpBB is good from what I remember, so accessing information stored in the DB is fast even when it is fairly large.
I see that lunarforums is a really huge forum, so I hope you guys can advice. Any pointers would be nice.
Lunarforums is a fairly active forum, but it isn't what I would call "huge".