I installed the new WordPress version of Buddypress. Early versions required WPMU, but the new one works in straight WP. I also downloaded the Template helper plugin. I got it working on a couple of blogs. I had to tweak the template additions to work with my templates, but otherwise it seemed to work.
There were strange bugs, such as not being able to create a new group once one was made.
I did not work at all on one of my blogs that was based on nothing more than a bastardized Kubrick theme.
I have uninstalled the two plugins and I will be watching for more stable updates.