The newest version of BuddyPress was released last month (April, 2009), and I am liking it a whole bunch.
At the moment, there are very few BuddyPress themes to choose from. Maybe I can help with that sometime in the future.
However, for now, a couple tips on installing themes that are available:
1. The folder with the home theme components must be uploaded to your wp-content/themes folder.
2. AND the folder with the member theme components must be uploaded to your wp-content/bp-themes folder.
3. AND FINALLY: Look in the left navigation column of your WordPress Mu Dashboard. Locate the BuddyPress section. Click General Settings.
And at “Select theme to use for BuddyPress generated pages:” Select your matching BuddyPress member theme from the drop down list. Click Save Settings.
It took me two hours and fifteen minutes to figure this out. Maybe I’ve just made someone else’s life a little easier. 
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