BuddyPress 1.2.4, has been announced today, it includes a number of important bug fixes to the 1.2 branch of code and is a highly recommended upgrade.
This new version provides fixes to 74 reported tickets and adds improved support for WordPress 3.0 to help ensure a safe and worry free upgrade. Check out the BuddyPress release history for details on the important fixes in this release.
More info: http://buddypress.org/2010/05/buddypress-1-2-4/