I can confirm this is working very well, as I’ve got a local test with BuddyPress running on a Network enabled WordPress, and it’s all working great. On top of that, with only medium technical savvy (no programming, just as-instructed config stuff) I’ve successfully moved my BuddyPress install to a secondary blog, i.e. example.org/hub, thanks to the tutorial by the fitting name, Install BuddyPress on a secondary blog.