John James Jacoby writing on Buddypress.org has announced the release of BuddyPress 1.2.8. This is a recommended update if you are updating to WordPress 3.1.
The update includes some small bug fixes to the 1.2 branch of code and a few important fixes from the currently in-development 1.3 version of BuddyPress to play nicely with the new and very much improved WordPress network administration interface.
More: http://buddypress.org/2011/02/buddypress-1-2-8/