Da MySQL ikke understøtter vinduesfunktioner, tror jeg ikke, der er nogen måde at gøre dette på uden en underforespørgsel:
SELECT f.id AS forum_id,
f.name AS forum_name,
t.id AS thread_id,
t.topic AS thread_topic,
t.ts AS thread_timestamp,
p.id AS post_id,
p.content AS post_content,
p.ts AS post_timestamp
FROM forums f
JOIN (SELECT t2.forum_id, max(p2.ts) as ts
FROM posts p2
JOIN threads t2 ON p2.thread_id = t2.id
GROUP BY t2.forum_id) max_p ON f.id = max_p.forum_id
JOIN posts p ON max_p.ts = p.ts
JOIN threads t ON f.id = t.forum_id AND p.thread_id = t.id
ORDER BY p.ts
Naturligvis ville cachelagring af de seneste resultater lade dig gøre dette uden ydeevnestraffen ved at kalde MAX(), men med de rigtige indekser burde dette ikke være det store problem...
OPDATERING
Den mest kortfattede måde at inkludere tråde uden indlæg og fora uden tråde på ville være at bruge LEFT JOINs i stedet for et INNER JOINs:
SELECT f.id AS forum_id,
f.name AS forum_name,
t.id AS thread_id,
t.topic AS thread_topic,
t.ts AS thread_timestamp,
p.id AS post_id,
p.content AS post_content,
p.ts AS post_timestamp
FROM forums f
LEFT JOIN (SELECT t2.forum_id, max(COALESCE(p2.ts, t2.ts)) as ts, COUNT(p2.ts) as post_count
FROM threads t2
LEFT JOIN posts p2 ON p2.thread_id = t2.id
GROUP BY t2.forum_id) max_p ON f.id = max_p.forum_id
LEFT JOIN posts p ON max_p.ts = p.ts
LEFT JOIN threads t ON f.id = t.forum_id AND (max_p.post_count = 0 OR p.thread_id = t.id)
ORDER BY p.ts