You want to add a new forum to your bulletin board. Which of these forms looks more appetising? The first form presents you with tons of options of which I’m sure 99% of people don’t use. For example, are you likely to need to add a new forum but have it locked? And are you likely to want one of your forums to be unsearchable or to show a different number of topics on each page in different forums?
It can be argued that the first form provides the user with a lot more power and flexibility. Depending on your point of view, you could say that the second form is either very simple and easy to use or very crippled. Probably a bit of both. The second interface will not allow you to configure some things which you may want to (such as passwords) but 99.9% of the time, I believe that users don’t need to change these other options. It’s more about making decisions for the user rather than crippling them.
There are perfectly good reasons why you may want to lock a forum or set a password – these can be done by editing the newly created forum afterwards.