Tickets holding up 1.2.4 – #2009, #2342, #2350 – but BuddyPress (BP) 1.2.4 coming out this Friday 21st May regardless even if those aren’t patched. Any testing with the 1.2 branch against WordPress (WP) 3.0 (trunk/beta/release candidate) is appreciated, but things are mostly stabled.
BP 1.2.4 will be the release that fixes the issues with WP 3.0. Andy is not thinking much about beyond BuddyPress 1.3 until 1.3 is out. How long after 1.2.4 will 1.3 come out? Soon™.
What will 1.3 have? Read the roadmap. Only features not done are basic privacy, some admin menus and general tidying / bug fixes / testing. BP 1.3 will also require WP 3.0, but BP 1.2.4 will work with WP 2.9.x and 3.0.