"BuddyPress Settings" in "Theme Options" doesn't display anything

On a fresh install of both WordPress (3.2.1) and BuddyPress (1.5.1) I don't seem to have access to the "BuddyPress Settings" options under Appearance->Theme Options in the Studio theme (2.1.2). It lists the title, but with no options underneath. (Screenshot attached.)

One of the symptoms of this, I believe, is that the "Our Community" slider within the design doesn't generate any text in the left hand column (in the demo it has text including: "BuddyPress panel included.":wink:

Should there be options under this menu item? If so, how do I see them? If not, I'm assuming that the text in the first column would be edited by editing the language files?

Everything else is working perfectly.