I won't add this in my announcement post incase it gets lost as it's a rather important thing. If you are upgrading to a new BuddyPress 1.2 theme please remember to completely delete your theme before you do and deactivate then once uploaded reactivate it. There are a ton of files that have changed with this template changing and if you do not do so you will get error messages. The steps should be:
1. Deactivate your theme
2. Delete the theme directory eg: delete bp-magazine or bp-business
3. Upload to bp-magazine or bp-business or whatever your theme is called
4. Reactivate your theme
This should be the method for all BuddyPress 1.2 theme releases that are out now and coming soon.