BuddyPress 1.1.1 and Corporate Theme

I am going to be upgrading WPMU to version 2.8.4a as well as Buddypress 1.1.1.
Will the Corporate theme work with the new Theme Structure of version 1.1.1?

Apparently the theme structure has changed and they combined both the member and site theme into one to make it easier. At least that is my understanding???

I just want to double check before upgrading.

Currently I have 2.7.1 and BP 1.0.2 and the corporate theme seems to be working just fine.