BuddyPress has announced that 1.2.7 is now avaiable, BuddyPress say this is a maintenance release fixing several problems, and is an important upgrade for all BuddyPress installations.
“Before upgrading your BuddyPress installation, make sure to back up your data and files, and deactivate BuddyPress-dependent plugins. (Or, as I like to call it, BUD. Somehow I have a feeling that won’t catch on….)”
More info: http://buddypress.org/2010/12/buddypress-1-2-7/