Sense & Sensibility
This is a basic theme for BuddyPress that will be very easy to customize. The front page shows the latest post from the main blog, has a widgetized sidebar, and three widget areas in the footer.
Download version 1.5 of the theme for BuddyPress 1.2 here [download#4]
I’ve just updated this theme for BuddyPress 1.2. While I was at it, I added a theme options page with a font size & style selector, and extra color schemes. The blue is default and you now have gray, green, red and orange to choose from. I had originally designed this theme with more color blocking and borders, but decided to leave it out to be more versatile. I can’t wait to see what you guys do with it! 
There’s also an added bonus – if you’re not running BuddyPress and just plain WordPressMU or even single WordPress, the theme also works. The BP features just smoothly go away. Turn on the BP plugin and they come back. One note about setup: to get the “Blog” menu item to show the latest entires from the main blog, create a new Page on the main blog called Blog, and save. Go to Settings -> Reading, and select the option to show the blog entires on the Blog page. Do not select a page for the home.
Download version 1.5 of the theme for BuddyPress 1.2 here [download#4]