Happy New Year everyone,
Setup: WP 3.5, BP 1.6.2, Membership 22.214.171.124 RC 1 (available in this thread https://premium.wpmudev.org/forums/topic/major-issue-with-membership-plugin-access-redirect-no-longer-works-after-upgrading-both-wp-35-and-new-version-of-plugin#post-324904 )
The above setup _does_ work. No problem.
However, upgrading through the dashboard updates to v.3.4.2 which gave me the following issues.
1) Membership page settings changed and new pages added. The site had 'None' for registration, Account and Protected Content. These were changed to new empty pages.
2) With stranger setting 'None' and Protected content page set to custom login page, a stranger would land on the site home page (wiped of content), not the login page. Adding a 'Guest' level and changing Stranger setting fixed this.
3) A stranger could type in the deep link url/members/firstname-lastname
and be presented with the profile page of that member. Highly problematic for my site.
Installing v.126.96.36.199 RC 1 from the mentioned thread seems to have resolved these issues, but it seems reasonable to link to this through the upgrade channels.