Membership not allowing BP deeper pages

Using the latest of everything.

I just noticed that Membership is not allowing me to get to the deeper pages in BuddyPress. That is, cannot create a blog, cannot go into a group (but I can join it, just can't go inside it) -- basically the same issue for forums, too. "Cannot create/enter" means I wind up at the NoAccess page, assigned in Membership options.

Tested with ALL Plugins OFF -- only BP-1.2.8 and Membership 2.0.3 turned on.

I've even recreated the registered user level, just to see if maybe a record got screwy... no joy.

Was intending to go live with my site this week, but can't with this issue...