BuddyPress 1.2.6 includes a number of important bug fixes to the 1.2 branch of code and is another highly recommended upgrade writes John James Jacoby on Buddypress.org.
This version improves WordPress 3.0 compatibility, makes some minor tweaks to the included theme and has almost 100 bugs fixed.
BuddyPress is a completely open source endeavor. Everything from the core code, to the documentation, themes and plugin extensions are all built by the BuddyPress community. This means anyone can help the project by contributing their time and knowledge.
More info: http://buddypress.org/2010/10/buddypress-1-2-6/