i can report that the BP 1.2 is way better than the last version... it's not only a new version, it may even be considered a new generation, because the code is completely rebuilt, is now riding the latest wordpress/mu core, and is compatible with more plugins.

what is interesting now is that Automattic is behind the project all the way, Andy is doing a great job and is supported by the market, this is not an obscur project trying to mimic facebook or twitter, but having independant structure, like the activity stream, which work way better than the facebook way.

for people willing to start big communities, it's a must.