Ultimate Translate not playing nice with WP 3.0 running Buddypress 1.2.3?

When I tell the plugin to translate a post (within the post edit page), it expands the 'Existing Translated Versions of this Page or Post' portion but only displays a 'Delete' link. Viewing the post doesn't show anything being translated. Is this plugin not yet ready for WP 3.0 (and/or Buddypress)?