The point is that it makes the front page look retarded. While I'm sure no one expects user hosted forums to continue on forever, I agree that at this point it's a matter of which choice is the least lame.
I'd suggest a less conspicuous link to the "archives" on the front page. Maybe just a small "go here to visit archived User Forums". Because there will probably never be anything else Archived, unless another user wants his own forum and then decides to abandon it.
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