Hmm. Pretty much every forum I've ever read is multi-paged. A single page could get pretty out of hand (especially for forums that don't have post limits. I've seen forum topics in other places with several thousand replies spread over 100+ pages. With embedded images in posts and sigs.

)
Also, if it's a topic that you frequently go back to (say, for example, the Mass Effect thread), it's nice to be able to hit the "newest post" button and just load up a dozen or two replies to see the new stuff. Rather than loading an increasingly-long single page with 100+ replies on it. Much more organized, quicker load & scroll, much less memory used, etc.